| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16401 |
| 来源ID | Working Paper 16401 |
| Labor-Market Heterogeneity, Aggregation, and the Lucas Critique | |
| Yongsung Chang; Sun-Bin Kim; Frank Schorfheide | |
| 发表日期 | 2010-09-23 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper assesses biases in policy predictions due to the lack of invariance of "structural'' parameters in representative-agent models. We simulate data under various fiscal policy regimes from a heterogeneous-agents economy with incomplete asset markets and indivisible labor supply. Imperfect aggregation manifests itself through preference shocks in the estimated representative-agent model. Preference and technology parameter estimates are not invariant with respect to policy changes. As a result, the bias in the representative-agent model's policy predictions is large compared to the length of predictive intervals that reflect parameter uncertainty. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w16401 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574076 |
| 推荐引用方式 GB/T 7714 | Yongsung Chang,Sun-Bin Kim,Frank Schorfheide. Labor-Market Heterogeneity, Aggregation, and the Lucas Critique. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16401.pdf（361KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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