This research group investigated the cost of the business cycle in a heterogeneously educated household economy. The group first used data from the Panel Study of Income Dynamics and the Current Population Survey to investigate the effect of the business cycle over wage and unemployment durations of people with different income levels. Then, they used that data to calibrate a stochastic general equilibrium model and analyzed the welfare effects of the business cycle. The group used the facilities of the Supercomputing Institute to solve the associated Bellman equation, which contains a large number of state variables.
Juan F. Rubio-Ramirez, Federal Reserve Bank of Atlanta, Atlanta, Georgia
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