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Unemployment, The Variability Of Hours, And The Persistence Of Disturbances: A Private Information Approach

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  • SMITH, B.D.

Abstract

A real business cycle model is developed in which the workforce is heterogeneous. Workers are privately informed about their own productive abilities. It is shown that the presence of private information creates a mechanism for enhancing the variability of hours worked, as well as "channels of persistence." Moreover, aggregate hours worked can respond strongly to variations in average productivity (real wages), even though observed responses of hours worked to real wage movements are small for all individuals in the model. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Smith, B.D., 1988. "Unemployment, The Variability Of Hours, And The Persistence Of Disturbances: A Private Information Approach," RCER Working Papers 125, University of Rochester - Center for Economic Research (RCER).
    • Handle: RePEc:roc:rocher:125
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