Solving the L abor Market Puzzles. Lectures 4 and 5. The indivisible hours assumptions (based on Hansen 85 and Rogerson 88). Expected utility in period t is given by: Calibration:. Quantitative assessment. Shock on public expenditures (based on Christiano and Eichenbaum 92).
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Lectures 4 and 5
Expected utility in period t is given by:
Selected second moments