Showing papers by "Jeremy Greenwood published in 1996"
TL;DR: This paper developed, calibrates and simulates a two-sector general equilibrium model that includes both aggregate and sectoral shocks and found that a non-negligible amount of unemployment arises due to the presence of aggregate and sectorsal shocks.
Abstract: Three key features of the employment process in the U.S. economy are that job creation is procyclical, job destruction is countercyclical, and job creation is less volatile than job destruction. These features are also found at the sectoral (goods and services) level. The paper develops, calibrates and simulates a two-sector general equilibrium model that includes both aggregate and sectoral shocks. The behavior of the model economy mimics the job creation and destruction facts. A non-negligible amount of unemployment arises due to the presence of aggregate and sectoral shocks.
35 citations
Posted Content•
TL;DR: The information age, a period of rapid technological advance associated with the introduction of information technologies, was also the start of a sharp rise in income inequality and signaled the beginning of the productivity slowdown as discussed by the authors.
Abstract: Was 1994 a watershed? It was dawning of the information age, a period of rapid technological advance associated with the introduction of information technologies. It also was the start of a sharp rise in income inequality and signaled the beginning of the productivity slowdown.
17 citations
01 Jan 1996
TL;DR: In this article, the authors developed, calibrates and simulates a two-sector general equilibrium model that includes both aggregate and sectoral shocks and found that a non negligible amount of unemployment arises due to the presence of aggregate and sectorsal shocks.
Abstract: Summary. Three key features of the employment process in the U.S. economy are that job creation is procyclical, job destruction is countercyclical, and job creation is less volatile than job destruction. These features are also found at the sectoral (goods and services) level. The paper develops, calibrates and simulates a two-sector general equilibrium model that includes both aggregate and sectoral shocks. The behavior of the model economy mimics the job creation and destruction facts. A non negligible amount of unemployment arises due to the presence of aggregate and sectoral shocks.