Labor-Market Heterogeneity, Aggregation, and the Lucas Critique

Yongsung Chang, Sun-Bin Kim, Frank Schorfheide

NBER Working Paper No. 16401
Issued in September 2010

---- Acknowledgements -----

We thank participants at various seminars for helpful comments. Schorfheide gratefully acknowledges financial support from the National Science Foundation under Grant SES 0617803. Chang acknowledges the support from WCU (WCU-R33-10005) Program through the Korean National Research Foundation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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