The paper documents how cyclical fluctuations in market work vary over the life cycle and then assesses the predictions of a life-cycle version of the growth model for those observations. The analysis yields a simple but striking finding. The main discrepancy between the model and that data lies...

Frontmatter -- CONTENTS -- ILLUSTRATIONS -- TABLES -- PREFACE -- CONTRIBUTORS -- 1. Economic Growth and Business Cycles -- 2. Recursive Methods for Computing Equilibria of Business Cycle Models -- 3. Computing Equilibria of Nonoptimal Economies -- 4. Models with Heterogeneous Agents -- 5....