Straight time and overtime in equilibrium

Gary D. Hansen; Thomas J. Sargent

doi:10.1016/0304-3932(88)90033-5

Straight time and overtime in equilibrium

Gary D. Hansen, Thomas J. Sargent

Research output: Contribution to journal › Article › peer-review

Abstract

We formulate an equilibrium model of straight time and overtime wages by imposing restrictions on agents' consumption sets and using a commodity space that includes employment lotteries. We extract some time series implications from a linear-quadratic approximation to our model evaluated at particular parameter values. We use our model informally to interpret some features of observed time series for wages and employment.

Original language	English (US)
Pages (from-to)	281-308
Number of pages	28
Journal	Journal of Monetary Economics
Volume	21
Issue number	2-3
DOIs	https://doi.org/10.1016/0304-3932(88)90033-5
State	Published - 1988

ASJC Scopus subject areas

Finance
Economics and Econometrics

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10.1016/0304-3932(88)90033-5

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title = "Straight time and overtime in equilibrium",

abstract = "We formulate an equilibrium model of straight time and overtime wages by imposing restrictions on agents' consumption sets and using a commodity space that includes employment lotteries. We extract some time series implications from a linear-quadratic approximation to our model evaluated at particular parameter values. We use our model informally to interpret some features of observed time series for wages and employment.",

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AB - We formulate an equilibrium model of straight time and overtime wages by imposing restrictions on agents' consumption sets and using a commodity space that includes employment lotteries. We extract some time series implications from a linear-quadratic approximation to our model evaluated at particular parameter values. We use our model informally to interpret some features of observed time series for wages and employment.

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Straight time and overtime in equilibrium

Abstract

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