Costain, James; de-Blas-Perez, Beatriz - Society for Economic Dynamics - SED - 2006
Gali (1999) used a VAR with productivity and hours worked to argue that technology shocks are negatively correlated with labor and are unimportant for the business cycle. More recently, Beaudry and Portier (2003) studied a VAR in productivity and stock prices. Remarkably, they found that the...