We demonstrate that aggregate employment and consumption can increase without a corresponding movement in productivity in a model with heterogeneous agents where the only aggregate disturbance is a productivity shock. The interaction between incomplete capital markets and indivisible labor results in a low employment-productivity correlation and creates a time-varying wedge between the marginal rate of substitution (for commodity consumption and hours) and productivity. Our results caution against viewing the measured wedge as an inefficiency due to a failure of labor-market clearing or as a fundamental driving force behind business cycles. (JEL D31, E32, J22, J24, J31)

We investigate the mapping from individual to aggregate labor supply using a general equilibrium heterogeneous-agent model with an incomplete market. The nature of heterogeneity among workers is calibrated using wage data from the PSID. The gross worker flows between employment and nonemployment and the cross-sectional earnings and wealth distributions in our model are comparable to those in the micro data. We find that the aggregate labor supply elasticity of such an economy is around 1, bigger than micro estimates but smaller than those often assumed in aggregate models.

Interpolated second-order polynomials (ISOP's) are proposed to design efficient cascaded integrator-comb (CIC)based decimation filters for a programmable downconverter. It is shown that some simple ISOP's can effectively reduce the passband droop caused by CIC filtering with little degradation in aliasing attenuation. In addition, ISOP's are shown to be useful for simplifying halfband filters that usually follow CIC filtering. As a result, a modified halfband filter (MHBF) is introduced which is simpler than conventional halfband filters. The proposed decimation filter for a programmable downconverter is a cascade of a CIC filter, an ISOP, MHBF's, and a programmable finite impulse response filter. A procedure for designing the decimation filter is developed. In particular, an optimization technique that simultaneously designs the ISOP and programmable FIR filters is presented. Design examples demonstrate that the proposed method leads to more efficient programmable downconverters than existing ones.

Program planners and policymakers should be aware of the potential association between adolescent employment, particularly intense employment, and the likelihood of initiating intercourse and experiencing pregnancy, even if causality is still unclear.

This article uses data from the National Longitudinal Study of Youth to examine the phenomenon of later life education among women who first give birth as teenagers. The analysis first considers patterns of educational attainment through the middle 30s for all women, disaggregated by age at first birth. This allows for an examination of the amount of education received by teen mothers relative to women who delay giving birth until adulthood. The analysis also considers racial-ethnic differences in patterns of attainment. Next, the analysis is restricted to teen mothers and focuses on an examination of the composition of educational attainment according to the amount of time that has elapsed since the first birth. The findings suggest that later life education among teen mothers is an important and understudied phenomenon with implications for welfare reform and adult education policies.