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.
Original language | English (US) |
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Pages (from-to) | 761-782 |
Number of pages | 22 |
Journal | Review of Economic Studies |
Volume | 49 |
Issue number | 5 |
DOIs | |
State | Published - Dec 1 1982 |
All Science Journal Classification (ASJC) codes
- Economics and Econometrics