By Pierre-Yves Hénin (auth.), Prof. Pierre-Yves Henin (eds.)
Models derived from the true company Cycle viewpoint have lately taken an incredible position in company cycle examine. The papers during this current quantity deliver 3 contributions to this study programme: A severe evaluate of the canonical RBC types, new parts of empirical relevance, in response to comparative calibration and trying out, and new requirements, on the frontier of commercial cycle study, dealing with non walrasian gains, contracts and nominal rigidities, unemployment and growth.
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Extra info for Advances in Business Cycle Research: With Application to the French and US Economies
However, nothing in the specification allows to reduce this variance, as for instance imperfect competition or labor hoarding hypothesis. The Problem of the Correlation Between Hours and Productivity The correlation between hours and productivity generated by the model is highly positive, in so far as the adjustment in the labor market after a technological shock corresponds to a shift of the demand curve along the supply curve. However, this correlation is null and negative respectively in the United States and in France.
Intertemporal substitution mechanisms reinforce this effect. The dynamics of consumption can be explained by taking into account the dynamics of interest rate. Interest rate is instantaneously below its steady state level and then increases to its stationary value. The consumption path displays an opposite shape. 2. As these responses result from the resolution of the model, they depend on the parameters which specify the preferences and the production, and more particularly on the intertemporal substitution elasticity of leisure, which is given by: These ( parameters correspond to the different elasticities of the marginal utility.
2See Gordon [1979) or McCallum [1989) for further details or empirical supports. 188} These first remarks suggest to introduce, III REC model, labor adjustment costs and a distinction between hours, effort and number of men at work in labor input. These firsts assumptions allows us to give the traditional interpretation of the labor hoarding phenomenon. Nevertheless, an other assumption is usually considered in the seminal papers of short run fluctuations of employment: Brechling , Kennan  and Gordon  assume that employment is chosen before the observation of the macroeconomic shocks realizations.