Artikel
RBC Models and the Hours-Wages Puzzle: Puzzle Solved!
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.
- Language
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Englisch
- Bibliographic citation
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Journal: Ekonomia ; ISSN: 0137-3056 ; Volume: 41 ; Year: 2015 ; Pages: 117-130 ; Warsaw: Faculty of Economic Sciences, University of Warsaw
- Classification
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Wirtschaft
Computational Techniques; Simulation Modeling
Business Fluctuations; Cycles
Fiscal Policy
- Subject
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fiscal policy
home production
government spending shock
indivisible labor
- Event
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Geistige Schöpfung
- (who)
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Vasilev, Aleksandar
- Event
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Veröffentlichung
- (who)
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Faculty of Economic Sciences, University of Warsaw
- (where)
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Warsaw
- (when)
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2015
- DOI
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doi:10.17451/eko/41/2015/108
- Handle
- Last update
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10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Vasilev, Aleksandar
- Faculty of Economic Sciences, University of Warsaw
Time of origin
- 2015
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