Abstract The Real Business Cycle (RBC) research program has grown specularly over the
last decade, as its concepts and methods have diffused into mainstream macroeconomics …

No subject with a foot in both the academic and public domains like macroeconomics
remains unchanged for long. The search for improved explanations, and the challenge of …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

I estimate a decomposition of productivity and hours into technology and non-technology
components. Two results stand out:(a) the estimated conditional correlations of hours and …

This book retraces the history of macroeconomics from Keynes's General Theory to the
present. Central to it is the contrast between a Keynesian era and a Lucasian-or dynamic …

This paper considers propagation of aggregate shocks in a dynamic general-equilibrium
model with labor-market matching and endogenous job destruction. Cyclical fluctuations in …

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook
available today. This revised second edition emphasizes the general equilibrium character …

Abstract The Great Moderation in the US economy has been accompanied by large changes
in the comovements among output, hours, and labor productivity. Those changes are …

This paper calculates numerical solutions to the principal-agent problem and compares the
results to the stylized facts of CEO compensation. The numerical predictions come from …

At the aggregate level, the labor‐supply elasticity depends on the reservation‐wage
distribution. We present a model economy where workforce heterogeneity stems from …