Labor-Market Heterogeneity, Aggregation, and the Lucas Critique
NBER Working Paper No. 16401
---- 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.