Discussion of “ Business Cycle and the Life Cycle ”
نویسندگان
چکیده
It has been well known for at least the past two decades that the standard neo-classical growth model, notwithstanding its surprising success in explaining many aggregate phenomena, performs poorly when it comes to explaining business cycle fluctuations in the labor market. The work of Gomme, Rogerson, Rupert, and Wright (henceforth GRRW) builds on the premise that the understanding of labor market fluctuations over the business cycle is enhanced by moving beyond standard representative-agent models. In particular, they propose to analyze models with heterogeneous agents and to study their implications, not only for the aggregate time series, but also for cyclical variation across heterogeneous groups of agents. Department of Economics, 2001 Sheridan Road, Evanston, IL 60208-2600, USA. E-mail: [email protected]
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