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

Orley Ashenfelter, David E. Card

Research output: Contribution to journalArticle

32 Scopus citations

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 languageEnglish (US)
Pages (from-to)761-782
Number of pages22
JournalReview of Economic Studies
Volume49
Issue number5
DOIs
StatePublished - Dec 1 1982

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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