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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
CESifo Working Paper No. 3391
Verlag: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Zusammenfassung: 
We review the labor market implications of recent real-business-cycle models that successfully replicate the empirical equity premium. We document the fact that all models considered in this survey with the exception of Boldrin, Christiano, and Fisher (2001) imply a negative correlation of working hours and output that is not observed empirically, while in their model, the equity premium does not result from variation in the firm value, but from changes in the relative price of two goods. In addition, we calibrate the models with regard to characteristics from the German economy and show that the equity premium is very sensitive with regard to the utility parameters.
Schlagwörter: 
equity premium
production CAPM
real-business cycle
labor market statistics
JEL: 
G12
C63
E22
E32
Dokumentart: 
Working Paper
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