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Supply and Demand in the Aggregate Labor Market: A Structural VAR Analysis
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, ChungEun | - |
dc.date.accessioned | 2009-01-22T03:58:42Z | - |
dc.date.available | 2009-01-22T03:58:42Z | - |
dc.date.issued | 1998-01 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.11 No.1, pp. 43-59 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/1126 | - |
dc.description.abstract | This paper examines the puzzling correlation between real wages and hours worked in a sticky wage model with two shocks. one aggregate demand and one supply. I estimate the response of real wages to the shocks with a VAR under a long-run restriction on real wages. It is shown that the response of real wages to the aggregate demand shock is countercyclical and to the aggregate supply shocks is procyclical. The variance decomposition shows that aggregate demand shocks are important. The results are consistent with the implications of the sticky wage model, and the model can explain with the near zero correlation between wages and hours worked. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | countercyclical | - |
dc.subject | RBC 모델 | - |
dc.subject | real business cycle | - |
dc.title | Supply and Demand in the Aggregate Labor Market: A Structural VAR Analysis | - |
dc.type | SNU Journal | - |
dc.contributor.AlternativeAuthor | 이정은 | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 59 | - |
dc.citation.number | 1 | - |
dc.citation.pages | 43-59 | - |
dc.citation.startpage | 43 | - |
dc.citation.volume | 11 | - |
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