Is macroeconomics off track?

Economists' Voice

Volumn 6, Issue 10, 2009, Pages

  Mulligan, Casey B ^a  

^a UNIVERSITY OF CHICAGO   (United States)

Author keywords

Labor wedge; Neoclassical growth model

Indexed keywords

EID: 72449150147     PISSN: 15533832     EISSN: 15533832     Source Type: Journal    
DOI: 10.2202/1553-3832.1674     Document Type: Article

References (21)

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2. Bils, Mark (1985) "Real Wages over the Business Cycle; Evidence from Panel Data," Journal of Political Economy 93 (4) 666-689 Available at: http://www.jstor.org/pss/1832132.
3. Chari V. V., Patrick J. Kehoe, Ellen R., McGrattan (2004) "Business Cycle Accounting," Econometrica, 75(3) 781-836. Available at: http://www.nber.org/papers/w10351.
4. Cole, Harold L. Lee E. Ohanian (1999) "The Great Depression in the United States from a Neoclassical Perspective," Federal Reserve Bank of Minneapolis Quarterly Review, 23(1): 2-24. Available at: http://www. minneapolisfed.org/re search/QR/QR2311.pdf.
5. Cole, Harold L. Lee E. Ohanian (2004) "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, 112(4): 779-816. Available at: http://www.econ.yale.edu/ seminars/echist/eh02/ohanian-021008.pdf.
6. Gali, Jordi Mark Gertler and J. David Lopez- Salido (2005) "Markups, Gaps, and the Welfare Costs of Business Fluctuations," Review of Economics and Statistics, 89: 44-59. Available at: http://www.nyu.edu/econ/user/gertlerm/ gap42. pdf.
7. Hall, Robert E. (1997) "Macroeconomic Fluctuations and the Allocation of Time," Journal of Labor Economics, 15(1):S223-50. Available at: http://www.nber.org/papers/w5933.
8. Hall, Robert E. (2009) "Reconciling Cyclical Movements in the Marginal Value of Time and the Marginal Product of Labor," Journal of Political Economy, 117(2): 281-323. Available at: http://www.journals.uchicago. edu/doi/ abs/10.1086/599022.
9. Katz, Lawrence F. Kevin M. Murphy (1992) "Changes in Relative Wages, 1963-1987: Supply and Demand Factors," Quarterly Journal of Economics, 107(1): 35-78. Available at: http:// www.jstor.org/pss/2118323.
10. Kehoe, Timothy J. Edward C. Prescott (2007) Great Depressions of the Twentieth Century. Minneapolis, MN: Federal Reserve Bank of Minneapolis.
11. Keynes, John Maynard (1936) The General Theory of Employment, Interest, and Money. London: Macmillan. (Diagnosing on p. 17 the 1929-33 period in a way similar to my own diagnosis.).
12. Kydland, Finn and Edward C. Prescott (1982) "Time to Build and Aggregate Fluctuations," Econometrica 50(6): 1345-1370 Available at: http://www.minneapolisfed.org/research/ prescott/papers/timetobuild.pdf.
13. Mulligan, Casey B. (2002) "A Century of Labor- Leisure Distortions," NBER working paper no. 8774, February. Available at: http://www.nber. org/papers/w8774.pdf.
14. Mulligan, Casey B. (2005) "Public Policies as Specification Errors," Review of Economic Dynamics. 8(4): 902-926. Available at: http://bit. ly/4lKn1j.
15. Mulligan, Casey B. (2008) "A Depressing Scenario: Mortgage Debt Becomes Unemployment Insurance," NBER working paper no. 14514, Available at: http://www.nber.org/papers/ w14514.
16. Mulligan, Casey B. (2009a) "What Caused the Recession of 2008? Hints from Labor Productivity," NBER working paper no. 14729. Available at: http://www.nber.org/papers/w14729.
17. Mulligan, Casey B. (2009b) "Means-tested Mortgage Modification: Homes Saved or Income Destroyed," NBER working paper no. 15821. Available at: http://www.nber.org/papers/ w15281.
18. Ohanian, Lee E. (2009) "What-or Who- Started the Great Depression?" forthcoming, Journal of Economic Theory. Available at: http://ic.ucsc.edu/∼fravenna/appliedmacro/lucas- confer-final-berkeley.pdf.
19. Parkin, Michael (1988) "A Method for Determining Whether Parameters in Aggregative Models are Structural," in Money, Cycles, and Exchange Rates: Essays in Honor of Allan H. Meltzer, Karl Brunner and Bennett T. McCallum, eds. Carnegie-Rochester Conference Series on Public Policy, 29: 215-252
20. Prescott, Edward C. (1999) "Some Observations on the Great Depression," Federal Reserve Bank of Minneapolis Quarterly Review. 23 (1): 25-31. Available at: http://www.minneapolisfed. org/research/QR/QR2312.pdf.
21. Shimer, Robert (2009) Labor Markets and Business Cycles. Forthcoming, New Jersey: Princeton University Press.