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technology shocks in explaining aggregate fluctuations. To this end we estimate the model's posterior density using Markov …
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Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the...
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two technology shocks in the human capital model is greater than the Hicks-neutral shock in the RBC model in the medium …
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The empirical support for a real business cycle model with two technology shocks is evaluated using a Bayesian model … and restrictions on long-run responses to technology shocks. Wefind support for a number of the features implied by the … investment ratios form stable relationships, but technology shocks do not accountfor all stochastic trends in our system. There …
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