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Endogenous Output in an Aggregate Model of the Labor Market

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  • Quandt, Richard E
  • Rosen, Harvey S

Abstract

Most aggregative labor market models contain a marginal productivity expression in which the quantity of labor appears on the left hand side of the equation, and the right hand side includes the real wage and output. Some researchers have cautioned that if the output variable is treated as exogenous, econometric difficulties may result. However, the assumption that output is exogenous has not been tested. The authors estimate an equilibrium model of the labor market, and use it to test the assumption of output exogeneity. The assumption that output is exogenous cannot be rejected by the data. Copyright 1989 by MIT Press.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 71 (1989)
Issue (Month): 3 (August)
Pages: 394-400

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Handle: RePEc:tpr:restat:v:71:y:1989:i:3:p:394-400

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  1. Robert J. Barro & Chaipat Sahasakul, 1983. "Measuring the Average Marginal Tax Rate from the Individual Income Tax," University of Chicago - George G. Stigler Center for Study of Economy and State, Chicago - Center for Study of Economy and State 26, Chicago - Center for Study of Economy and State.
  2. Matthew D. Shapiro, 1986. "Capital Utilization and Capital Accumulation: Theory and Evidence," NBER Working Papers 1900, National Bureau of Economic Research, Inc.
  3. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-47, February.
  4. Andrews, Martyn & Nickell, Stephen J, 1986. "A Disaggregated Disequilibrium Model of the Labour Market," Oxford Economic Papers, Oxford University Press, vol. 38(3), pages 386-402, November.
  5. Quandt, Richard E & Rosen, Harvey S, 1986. "Unemployment, Disequilibrium and the Short Run Phillips Curve: An Econometric Approach," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 1(3), pages 235-53, July.
  6. Lucas, Robert E, Jr & Rapping, Leonard A, 1969. "Real Wages, Employment, and Inflation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 77(5), pages 721-54, Sept./Oct.
  7. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, National Bureau of Economic Research, Inc, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc.
  8. Symons, J & Layard, R, 1984. "Neoclassical Demand for Labour Functions for Six Major Economies," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 94(376), pages 788-99, December.
  9. Altonji, Joseph G, 1982. "The Intertemporal Substitution Model of Labour Market Fluctuations: An Empirical Analysis," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 49(5), pages 783-824, Special I.
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Cited by:
  1. Bonanno, Alessandro & Lopez, Rigoberto A., 2009. "Is Wal-Mart a Monopsony? Evidence from Local Labor Markets," 2009 Conference, August 16-22, 2009, Beijing, China, International Association of Agricultural Economists 51289, International Association of Agricultural Economists.
  2. Swati Basu & Saul Estrin & Jan Svejnar, 2000. "Employment and Wages in Enterprises Under Communism and in Transition: Evidence from Central Europe and Russia," William Davidson Institute Working Papers Series, William Davidson Institute at the University of Michigan 114, William Davidson Institute at the University of Michigan.
  3. Slaughter, Matthew J., 2001. "International trade and labor-demand elasticities," Journal of International Economics, Elsevier, Elsevier, vol. 54(1), pages 27-56, June.
  4. Stuart Glosser & Lonnie Golden, 2005. "Is labour becoming more or less flexible? Changing dynamic behaviour and asymmetries of labour input in US manufacturing," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 29(4), pages 535-557, July.
  5. Swati Basu & Saul Estrin & Jan Svejnar, 2005. "Employment determination in enterprises under communism and in transition: Evidence from Central Europe," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, ILR Review, Cornell University, ILR School, vol. 58(3), pages 353-369, April.
  6. Guy Debelle & James Vickery, 1998. "The Macroeconomics of Australian Unemployment," RBA Annual Conference Volume, Reserve Bank of Australia, in: Guy Debelle & Jeff Borland (ed.), Unemployment and the Australian Labour Market Reserve Bank of Australia.

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