Output dynamics in real-business-cycle models

Article Abstract:

The consistency of current real-business-cycle (RBC) models with time-series research on US output dynamics was examined. The time-series literature theorize that the increase in GNP is positively correlated and that GNP has a trend-reverting characteristic. It was suggested that current RBC models depend on exogenous factors to duplicate these two characteristic due to their feeble internal propagation mechanisms. Models which include labor adjustment costs are more viable because they feature positive autocorrelation in productivity growth.

Industrial productivity

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Business cycles and labor-market search

Article Abstract:

The performance of a standard real-business-cycle model improves when infused with a labor-market search. The model consistently observes the more intense labor imput fluctuation than the real wage. It was also found out that differences in total hours are attributable to cyclical adjustments in employment and not to employee worktime. The model further reveals a lower simultaneous correlation between time and productivity. Finally, the search model also shows the changing pattern of output growth.

Work hours, Labor productivity

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The effectiveness of child-care subsidies in encouraging the welfare-to-work transition of low-income single mothers

Article Abstract:

Public policymakers are being pressured to enact reforms that will minimize welfare dependency of single mothers. Such a welfare reform package must recognize the relative expense of child-care extensions to single mother earnings. Public attitudes toward welfare have also been affected by increased female labor market participation. The expensive nature of child care programs is projected to encourage women to shift from welfare dependency to employment.

Economic aspects, Employment, Working women, Child care services, Single mothers

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