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DD
Figure 1
Impulse Response Functions from the Divisible Labor Model
A H and Y /N
1 1.2
1
0.8
0.8
0.6
0.6
0.4
0.4
0.2
0.2
0
0 -0.2
0 10 20 30 40 0 10 20 30 40
C and I Y and K
5 1.6
1.4
4
1.2
1
3
0.8
2
0.6
0.4
1
0.2
0 0
0 10 20 30 40 0 10 20 30 40
56
Figure 2
Impulse Response Functions from the Indivisible Labor Model
A H and Y /N
1 1.4
1.2
0.8
1
0.8
0.6
0.6
0.4
0.4
0.2
0.2
0
0 -0.2
0 10 20 30 40 0 10 20 30 40
C and I Y and K
6 2
5
1.5
4
3 1
2
0.5
1
0 0
0 10 20 30 40 0 10 20 30 40
57
Figure 3
Spectra of Four Time Series
W hite Nois e A R (1) ρ = 0.8

2 25
20
1.5
15
2 π f(ω )
2 π f(ω )
1
10
0.5
5
0 0
0 0.2 0.4 0.6 0.8 1 0 0.2 0.4 0.6 0.8 1
ω /π ω/π
M A (1) θ = 0.5 S eas onal A R(4) φ = 0.8

2.5 25
2 20
1.5 15
2 π f(ω )
2 π f(ω )
1 10
0.5 5
0 0
0 0.2 0.4 0.6 0.8 1 0 0.2 0.4 0.6 0.8 1
ω /π ω/π
58
Figure 4
The Transfer Function of the HP Filter
H P F ilter λ = 100 HP F ilter λ = 1600

1 1
0.8 0.8
0.6 0.6
2
2
|A (ω )|
|A (ω )|
0.4 0.4
0.2 0.2
0 0
0 0.2 0.4 0.6 0.8 1 0 0.2 0.4 0.6 0.8 1
ω /π ω/π
HP F ilter λ = 10000 F irs t Differenc e Filter

1 4
3.5
0.8
3
2.5
0.6
2
2
|A (ω )|
|A (ω )|
0.4
1.5
1
0.2
0.5
0 0
0 0.2 0.4 0.6 0.8 1 0 0.2 0.4 0.6 0.8 1
ω /π ω/π
59

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