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productivity in the rest of the economy. To separate exogenous gains in ICT from other technological progress, we use the relative …
Persistent link: https://www.econbiz.de/10012391362
aggregate hours worked respond positively to a positive technology shock. Two novel aspects of the analysis are the scope (14 … hours. We show that the short-run response of aggregate hours to a positive technology shock is remarkably similar across …
Persistent link: https://www.econbiz.de/10011961312
In this paper, we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular when the sample includes the Great Recession. Recessions...
Persistent link: https://www.econbiz.de/10012663764
responses of GDP and hours as to TFP shocks. We find that positive productivity shocks, while spurring GDP growth, display a … effects of productivity shocks on employment are abundantly negative in downturns, but they are not significantly different …: after the mid eighties (1984-2011), productivity shocks increase hours during recessions. Finally, we express and test some …
Persistent link: https://www.econbiz.de/10011483831
This paper asks two questions. First, can we detect empirically whether the shocks recovered from the estimates of a structural VAR are truly structural? Second, can the problem of nonfundamentalness be solved by considering additional information? The answer to the first question is "yes" and...
Persistent link: https://www.econbiz.de/10013317596
Persistent link: https://www.econbiz.de/10013438818
This paper examines how employer- and worker-specific productivity shocks transmit to earnings and employment in an … earnings growth variance can be attributed to job mobility, which interacts with productivity shocks. We evaluate the effects …
Persistent link: https://www.econbiz.de/10014090908
Persistent link: https://www.econbiz.de/10013261159
Bivariate SVAR models employing long-run identifying restrictions are often used to investigate the source of business cycle fluctuations. Their advantage is the simplicity in use and interpretation. However, their low dimension may also lead to a failure of the identification procedure, with...
Persistent link: https://www.econbiz.de/10011476382
Over the last decades, hours worked per capita have declined substantially in many OECD economies. Using a neoclassical growth model with endogenous work-leisure choice, we assess the role of trend growth slowdown in accounting for the decline in hours worked. In the model, a permanent reduction...
Persistent link: https://www.econbiz.de/10012546895