Cyclical Properties of Real Data and RBC (Hansen Wright 1992)

Cyclical Properties of U.S. and Model-Generated Time Series (Hansen Wright 1992)

Type of Data or Model  σy  σc/σy  σi/σy  σh/σy  σw/σy  σh/σw  cor(h,w)

U.S. Time Series*
Output 　　　　　　 　 1.92    .45    2.78
Hours Worked:
1. Household Survey                                      .78       .57      1.37     .07
(All Industries)
2. Establishment Survey                                 .96       .45      2.15    -.14
(Nonag. Industries)

Models**
Standard                       1.30    .31    3.15       .49        .53      .94      .93
Nonseparable Leisure   1.51   .29     3.23       .65        .40    1.63      .80
Indivisible Labor            1.73   .29     3.25       .76        .29    2.63      .76
Government Spending  1.24   .54     3.08       .55        .61     .90       .49
Home Production          1.71   .51     2.73       .75        .39    1.92      .49
·U.S. data here are the same as those in Table 2; they are 101 the longer time period: 1947:1-1991:3.

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