Indivisible labor, lotteries and equilibrium

Rogerson, Richard

doi:10.1016/0304-3932(88)90042-6

Cited by 982 publications

(762 citation statements)

References 10 publications

(2 reference statements)

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“…13 The indivisible labor assumption has attracted substantial attention recently. See, for example, Mulligan (2001), and Krusell, Mukoyama, Rogerson, andSahin (2008, 2009 15 The larger is the greater is the household's chance of nding a job.…”

Section: Ecb Working Paper Series No 1202mentioning

confidence: 99%

Involuntary Unemployment and the Business Cycle

2010

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Section: Ecb Working Paper Series No 1202mentioning

confidence: 99%

Involuntary Unemployment and the Business Cycle

2010

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“…Adding this constraint is meant to capture the idea that the production process has important nonconvexities of fixed costs that may make varying the number of employed workers more efficient than varying hours per worker. As originally shown by Rogerson (1988), in the equilibrium of this model, individuals will be randomly assigned to employment or unemployment in each period, with consumption insurance against the possibility of unemployment. Thus this model generates fluctuations in the number of employed workers over cycle.…”

Section: The Indivisible Labor Modelmentioning

confidence: 99%

Business cycle fluctuations in Brazil

Ellery¹,

Gomes²,

Sachsida³

2002

Rev. Bras. Econ.

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Summary: 1. Introduction; 2. Data set; 3. Cycles; 4. The standard growth model; 5. The indivisible labor model; 6. Findings from simulation; 7. Conclusions. Key words: real business cycles; aggregate fluctuations; technology shocks. JEL codes: E32 and O41. This paper documents the empirical relationship in postwar Brazil between the GNP and other key variables such as consumption, investment, productivity and hours worked. Since many of those series were not available to Brazil we also had to build a data-set, which includes consumption of non-durables, capital and hours worked. We use two filters to extract the cycles (the usual Hodrick-Prescott filter and a band-pass filter); this procedure was taken to avoid conclusions that depend too much on the filter in use. The paper also provides simulations of two dynamic general equilibrium models (the standard RBC model and the indivisible labor model) and tries to match the facts of the artificial economy with those of the actual economy. We show that the basic models fail to replicate some of the observed facts.Este artigo documenta as relações entre o PNB e outras variáveis macroeconômicas, tais como: consumo, investimento, produtividade e horas trabalhadas, observadas no Brasil. Desde que muitas destas séries não estavam disponíveis construímos uma base de dados que inclui consumo de não-duráveis, capital e horas trabalhadas. Para extrair o ciclo utilizamos dois filtros (o filtro Hodrick-Prescott e um filtro do tipo band-pass); este procediment foi tomado para evitar conclusões que dependessem do filtro utilizado. O artigo também apresenta simulações de dois modelos de equilíbrio geral dinâmico (o modelo básico de ciclos reais e o modelo com trabalho indiviível) e compara os fatos gerado pelos modelos com os observados para a economia brasileira. Este exercício mostra que os modelos utilizados não são capazes de reproduzir alguns dos fatos observados.

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“…Elle suggère au minimum la nécessité de développer un cadre d'analyse walrassien généralisé qui permettrait d'expliquer la variation des personnes-heures de travail au cours du cycle économique en termes de personnes plutôt qu'en termes d'heures de travail. Certaines études théoriques récentes (Rogerson 1988) sur l'indivisibilité des heures de travail ont permis d'accomplir des progrès en ce sens.…”

Section: Résultats Empiriques Des Modèles Supposant La Séparabilité Iunclassified

Récents développements dans l’analyse de l’offre de travail

Fortin

2009

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RÉSUMÉCet article présente une recension de certaines contributions récentes à l’analyse de l’offre de travail. On établit d’abord une distinction fondamentale entre les modèles walrassiens et non walrassiens d’offre de travail. Les premiers se caractérisent par l’hypothèse que les individus sont toujours sur leur courbe d’offre notionnelle de travail. On discute de façon critique des résultats obtenus dans les études qui ont adopté ce paradigme. On porte une attention particulière aux modèles récents qui n’imposent pas la séparabilité intertemporelle des préférences.On analyse ensuite certains modèles non walrassiens qui donnent lieu à la possibilité d’un rationnement quantitatif des heures de travail observées. Ces modèles sont classés en trois catégories : 1) les modèles avec rationnement quantitatif exogène, 2) les modèles hédonistes d’offre de travail et 3) les modèles de contrats implicites. Pour chacune de ces catégories, on analyse la structure des modèles théoriques retenus, ainsi que les résultats empiriques obtenus dans la littérature pertinente. On discute en particulier des tests permettant de discriminer entre les modèles walrassiens et non walrassiens.

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Indivisible labor, lotteries and equilibrium

Cited by 982 publications

References 10 publications

Involuntary Unemployment and the Business Cycle

Involuntary Unemployment and the Business Cycle

Business cycle fluctuations in Brazil

Récents développements dans l’analyse de l’offre de travail

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