Avouyi-Dovi, Sanvi (contributor); … - 2005
-sticky wage model of the business
cycle, which is estimated by minimizing the distance between theoretical, dynamic responses
of … economy. Importantly, according to our SVAR, technology shocks
account for a sizable portion of the business cycle components … economy. As a consequence, if the
shock of interest accounts for a small fraction of �uctuations in the business cycle …