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Analyzing Labor Market Dynamics Using Calibration and Assessment Models

Explores labor market puzzles through lectures 4 and 5. Examines indivisible hours assumptions from Hansen and Rogerson. Evaluates expected utility in period t. Discusses calibration and quantitative assessments on public expenditures based on Christiano and Eichenbaum, as well as preferences based on Baxter and King. Analyzes utility functions, equilibrium on the goods market, impulse response to preference shocks, labor hoarding, and responses to technological and government expenditure shocks. Concludes with a quantitative assessment of selected second moments.

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Analyzing Labor Market Dynamics Using Calibration and Assessment Models

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  1. Solving the Labor Market Puzzles Lectures 4 and 5

  2. The indivisible hours assumptions (based on Hansen 85 and Rogerson 88) Expected utility in period t is given by: Calibration:

  3. Quantitative assessment

  4. Shock on public expenditures (based on Christiano and Eichenbaum 92) • Utility function • Calibration

  5. Quantitative assessment

  6. Shock on preferences(based on Baxter and King 91) • Utility function • Equilibrium on the goods market

  7. Impulse response to a preference shock

  8. Quantitative assessment

  9. Labor hoarding

  10. Response to a positive technological shock

  11. Response to a positive government expenditure shock

  12. Quantitative assessment Selected second moments

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