Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations

By Yongsung Chang, S. B. Kim. 2007

193 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/cbe6ad45c06bd68eed8ffc799c0b68ec684d172b

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In Economics and Econometrics

Citations in the corpus

The social cost of rent seeking in Europe (2009, background): “Other model specifications that also increase the volatility of hours include exogenous shocks and labour market friction (for a discussion of the related literature, see Chang and Kim, 2007, who develop a model with heterogeneous agents, incomplete capital markets and indivisible labour supply).”
Macroeconomics and Household Heterogeneity (2016, methodology): “In models with endogenous labor supply choice, such as the ones studied in Chang and Kim (2007) and Athreya, Owens and Schwartzman (2015), households have another margin of adjustment and thus the impact of elevated risk on precautionary saving will be smaller.”
Micro and Macro Labor Supply Elasticities: A Reassessment of Conventional Wisdom (2012, background): “A third line of work, represented by Chang and Kim (2006, 2007), shows that, in a model with an active extensive margin, the extent of heterogeneity in the economy is an important influence on the aggregate labor supply elasticity.”
Productivity and unemployment over the business cycle (2010, background): “(2000) is low correlation has attracted a lot of inter aum (1992), and Chang and Kim (2007). a b s t r a c t”
How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area (2018, result): “The two robustness scenarios correspond to the results shown in the two panels of Figure 9. empirical results are also consistent with models with indivisible labor, which imply higher labor supply elasticities for lower income groups (e.g., Chang and Kim, 2007 and Ma, 2020).”
Aggregate Implications of a Credit Crunch (2012, result): “…exemplified by Smets and Wouters (2007) and Gaĺı, Smets and Wouters (2011).8 In raising these concerns, our paper has much in common with the work by Chang and Kim (2007) and Chang, Kim and Schorfheide (2010) who examine heterogeneous-agent economies with incomplete capital markets and…”
Moving Back Home: Insurance against Labor Market Risk (2012, background): “In models with a discrete individual labor supply decision, the aggregate labor supply elasticity is determined by the sensitivity of the distribution of reservation wages to changes in the distribution of wage offers (Chang and Kim 2007).”