Working Paper
The business cycle and the life cycle
Abstract: The paper documents how cyclical fluctuations in market work vary over the life cycle and then assesses the predictions of a life-cycle version of the growth model for those observations. The analysis yields a simple but striking finding. The main discrepancy between the model and that data lies in the inability of the model to account for fluctuations in hours for individuals in the first half of their life cycle. The predictions for those in the latter half of the life cycle are quite close to the data.
Keywords: Business cycles; Hours of labor;
https://doi.org/10.26509/frbc-wp-200404
Access Documents
File(s):
https://doi.org/10.26509/frbc-wp-200404
Description: Persistent link
File(s):
File format is application/pdf
https://www.clevelandfed.org/-/media/project/clevelandfedtenant/clevelandfedsite/publications/working-papers/2004/wp-0404-the-business-cycle-and-the-life-cycle-pdf.pdf
Description: Full text
Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Working Papers (Old Series)
Publication Date: 2004
Number: 0404