Equilibrium labour force participation and the business cycle
构建了一个劳动力参与的均衡模型，利用美国数据估计动态随机一般均衡模型，识别驱动经济周期波动的结构性冲击和参数，发现实际工资刚性作用较小，劳动力参与率呈温和顺周期性，就业、失业和非参与之间的转换具有强周期性。
Abstract We develop an equilibrium model of labour force participation to examine the labour market business cycle. The model remains agnostic about unemployment inflows and outflows, modelling these flows with a structural moving average representation derived from a factor‐augmented vector autoregression model. Estimating the augmented dynamic stochastic general equilibrium model on data for the USA, we identify the structural shocks and parameters driving business cycle fluctuations, avoiding misspecified job‐finding and job‐separation rates. Our results show that real wage rigidities play a minor role, labour force participation is mildly procyclical, and transitions between employment, unemployment and non‐participation are strongly cyclical.