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RBC Models and the Hours-Wages Puzzle: Puzzle Solved!

100%
Vasilev A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2015
|
issue 41
117-130
EN
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
2
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Aggregation with a double non-convex labor supply decision: indivisible private- and public-sector hours

100%
Vasilev A.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2016
|
issue 47
123-133
EN
This paper explores the problem of non-convex labor supply decisions in an economy with both private and public sector jobs. To this end, Hansen (1985) and Rogerson’s (1988) indivisible-hours framework is extended to an environment featuring a double discrete labor choice. The novelty of the study is that the micro-founded representation obtained from explicit aggregation over homogeneous individuals features different disutility of labor across the two sectors, which is in line with the observed difference in average wage rates (OECD 2011). Therefore, this theory-based utility function could be utilized to study labor supply responses over the business cycle.
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Zastosowanie modelu realnego cyklu koniunkturalnego Hansena do gospodarki Polski

88%
Kuchta Z., Piłat K.
Gospodarka Narodowa. The Polish Journal of Economics
|
2010
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vol. 244
|
issue 11-12
19-39
EN
The paper analyzes the so-called real business cycle model developed by American economist Gary D. Hansen. The model is expanded to include an indivisible labor mechanism. The aim is to check the model in terms of its accuracy in explaining business cycle fluctuations in Poland. The first part of the article discusses the assumptions and structure of the model. The authors define a state of stationary equilibrium and the final form of the model-a system of log-linearized equations. In the second part of the paper, the authors calibrate the structural parameters and conduct an empirical analysis of the Hansen model, beginning with the characteristics of the variables used in the study and the value of the model’s parameters. The model is solved and the reactions of individual variables to a technological shock are analyzed. The coefficients of correlation and the deviations of standard simulated and real variables show that the model correctly reflects the direction and strength of the relationships between the variables, the authors say. Positive correlations were obtained between all the simulated variables, in the same way as in the case of actual data. At the same time, in the case of simulated data, much higher correlations were obtained between capital and consumption and between technological changes and labor than in the case of actual data. As part of the study, an analysis was also conducted of the reactions of variables to a technological shock introduced to the model on an impulse basis. The strongest reaction to the shock was recorded in the case of labor supply and production. Moreover, in the same way as for actual data, the authors found that the fluctuations of consumption are much weaker than the fluctuations of production. This stems from the fact that households tend to smooth out consumption over time, Kuchta and Piłat say. The obtained results confirm that the dynamism of the Hansen real business cycle model, despite its simplicity, relatively accurately reflects the changes in Poland’s key macroeconomic variables.
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