RBC models and the hours-wages puzzle : puzzle solved!

Aleksandar Vasilev

This paper shows that a modified real business cycle (RBC) model, one that includes home production and fiscal spending shocks, can solve one of the RBC puzzles and generates zero correlation between wages and hours. In addition, the micro-founded model presented here provides a sound theoretical model to analyze fiscal policy in a neoclassical framework and is able to capture many aspects of the data that the benchmark RBC model was missing.

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Year of publication:	July 21, 2015
Authors:	Vasilev, Aleksandar
Publisher:	[Warsaw] : [Faculty of Economic Sciences, University of Warsaw]
Subject:	fiscal policy \| home production \| government spending shock \| indivisible labor \| Öffentliche Ausgaben \| Public expenditure \| Finanzpolitik \| Fiscal policy \| Real-Business-Cycle-Theorie \| Real business cycle model \| Schock \| Shock \| Arbeitsangebot \| Labour supply \| Haushaltsproduktion \| Household production

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Extent:	1 Online-Ressource (circa 15 Seiten)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Sonderausgabe aus: Ekonomia ; 41/2015
Other identifiers:	10.17451/eko/41/2015/108 [DOI] hdl:10419/142147 [Handle]
Classification:	C63 - Computational Techniques ; E32 - Business Fluctuations; Cycles ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011487475