Overtime, effort and the propagation of business cycle shocks

George Hall

No 94-25, Working Paper Series, Macroeconomic Issues from Federal Reserve Bank of Chicago

Abstract: This paper presents and estimates a variant of Hansen and Sargent's (1988) real business cycle model with straight time and overtime. The model presented has only one latent variable, the state of technology, yet it does a better job propagating and magnifying shocks than the labor hoarding models which incorporate unobserved effort. This model, as well as a version of Burnside, Eichenbaum and Rebelo's (1993) labor hoarding model, is estimated using maximum likelihood. The maximum likelihood parameter estimates are compared to those using GMM.

Keywords: Business cycles; Labor market (search for similar items in EconPapers)
Date: 1994
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Published in Journal of Monetary Economics, August 1996, pp 139-160

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Overtime, effort, and the propagation of business cycle shocks (1996)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedhma:94-25

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Working Paper Series, Macroeconomic Issues from Federal Reserve Bank of Chicago Contact information at EDIRC.
Bibliographic data for series maintained by Lauren Wiese ().