Detail Testing Between Competing Models of Real Business Cycles   Oleh:  Osano, Hiroshi ; Inoue, Tohru Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 32 no. 3 (1991), page 669-688. Topik: BUSINESS; testing; competing model; business cycles Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This paper tests a real business cycle model with efficient long - term labor contracts (the efficient long - term contract model) against a standard real business cycle model (the intertemporal substitution model). In the former model, employment and real wages are determined by bilateral dynamic bargaining between firms and workers. In the latter model, employment and real wages are determined instead by the dynamic optimization of households within the competitive market framework. We estimate each model using aggregate Japanese data. Our results show that the data are consistent with the efficient long - term contract model, but are inconsistent with the intertemporal substitution model. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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