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Technology Shocks and Aggregate Fluctuations : How Well Does the RBC Model Fit Postwar U.S. Data?
Galí, Jordi - 2004
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the...
Persistent link: https://www.econbiz.de/10014403910
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6½ decades of global trade and income : “new normal” or “back to normal” after GTC and GFC?
Kalra, Sanjay - 2016
Global merchandise trade expanded rapidly over the last 6 1\2 decades and its relationship with global income has seen ebbs and flows. This paper examines the shifts in this relationship using time series data over 1950-2014 and situates it in the current and longer term context. The...
Persistent link: https://www.econbiz.de/10011711761
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Investment : Specific Technology Shocks and International Business Cycles: An Empirical Assessment
International Monetary Fund - 2010
In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the ""quantity"", ""international comovement"",...
Persistent link: https://www.econbiz.de/10014397271
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Idiosyncratic shocks and aggregate fluctuations in an emerging market
Grigoli, Francesco; Luttini, Emiliano; Sandri, Damiano - 2021
This paper provides the first assessment of the contribution of idiosyncratic shocks to aggregate fluctuations in an emerging market using confidential data on the universe of Chilean firms. We find that idiosyncratic shocks account for more than 40 percent of the volatility of aggregate sales....
Persistent link: https://www.econbiz.de/10012795043
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The Impact of Uncertainty Shocks on the UK Economy
Denis, Stephanie - 2013
production and GDP. The peak impact is felt fairly quickly at around 6-12 months after the shock, and becomes statistically …
Persistent link: https://www.econbiz.de/10014395348
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Financial Shocks and TFP L4318Growth
Severo, Tiago - 2010
The paper investigates how changes in industries'' funding costs affect total factor productivity (TFP) growth. Based … distort the allocation of factors across firms even within an industry, reducing its TFP. The decline in productivity growth …
Persistent link: https://www.econbiz.de/10014404315
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Credit Constraints, Productivity Shocks and Consumption Volatility in Emerging Economies
Bhattacharya, Rudrani - 2013
How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform...
Persistent link: https://www.econbiz.de/10014395178
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Do Technology Shocks Lead to Productivity Slowdowns? : Evidence From Patent Data
Christiansen, Lone Engbo - 2008
This paper provides empirical evidence on the response of labor productivity to the arrival of new inventions. The … analysis shows that labor productivity may temporarily fall below trend after technological progress. However, the effects on … productivity differ between the pre- and post-World War II periods. The pre-war period shows evidence of a productivity slowdown as …
Persistent link: https://www.econbiz.de/10014401355
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Financial crises, investment slumps, and slow recoveries
Cerra, Valerie; Hakamada, Mai; Lama C., Ruy - 2021
output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …
Persistent link: https://www.econbiz.de/10012610732
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The potential macroeconomic impact of the unconventional oil and gas boom in the United States
Hunt, Benjamin F.; Muir, Dirk; Sommer, Martin - 2015
Persistent link: https://www.econbiz.de/10011281177