Yao, Fang - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2008
I explore the implications of the lumpy labor adjustment as a propagation mechanism for aggregate dynamics. The model I use nests the basic RBC model with a staggeredjob-turnover in the spirit of Taylor (1980) and Calvo (1983). It extends this approach by introducing a Weibull-distributed labor...