Skill Heterogeneity and Aggregation Bias Over the Business Cycle

Skill Heterogeneity and Aggregation Bias Over the Business Cycle
This paper extends the equilibrium business cycle framework to incorporate ex ante skill heterogeneity among workers. Consistent with the empirical evidence, skilled and unskilled workers in the model face the same degree of cyclical variation in real wages although unskilled workers are subject to substantially higher procyclical variation in... READ MORE...

Publication date: November 1995
ISBN 9781451854435
$15.00

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