Time Series Representations of Economic Variables and Alternative Models of the Labour Market

Orley Ashenfelter and David Card

The Review of Economic Studies, 1982, vol. 49, issue 5, 761-782

Abstract: Accepting the hypothesis that the time-series "facts" of the aggregate labour market may be summarized by the linear autoregressive and moving average representations of wages, prices, unemployment, and interest rates implies that a useful theory ought to lead to predictions about these representations. Following this approach, this paper first catalogues many of the time-series facts about the aggregate labour market and then compares them against alternative models of the labour market based on the intertemporal substitution and staggered contract hypotheses.

Date: 1982
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