PROCYCLICAL SOLOW RESIDUALS WITHOUT TECHNOLOGY SHOCKS
نویسندگان
چکیده
منابع مشابه
Stochastic shocks in a two-sector Solow model
We study a stochastic, discrete-time, two-sector growth model á-la Solow (1956) characterized by perpetual growth. Assuming that exogenous i.i.d. shocks hit the physical production sector, we show that the capital dynamics can be converted, through an appropriate log-transformation, into an Iterated Function System converging to an invariant distribution supported on a Cantor set.
متن کاملSeasonal Solow Residuals and Christmas: A Case for Labor Hoarding and Increasing Returns
In aggregate unadjusted data, measured Solow residuals exhibit large seasonal variations. Total Factor Productivity grows rapidly in the fourth quarter at an annual rate of 16 percent and regresses sharply in the ...rst quarter at an annual rate of ¡24 percent. This paper considers two potential explanations for the measured seasonal variation in the Solow residual: labor hoarding and increasin...
متن کاملTechnology Shocks Matter
I use the neoclassical growth model to identify the effects of technology shocks on the US business cycle. The model includes two sources of technology shocks: neutral, which affect the production of all goods homogeneously, and investment-specific. Investmentspecific shocks are the unique source of the secular trend in the real price of investment goods, while both shocks are the only factors ...
متن کاملFractalNet: Ultra-Deep Neural Networks without Residuals
We introduce a design strategy for neural network macro-architecture based on selfsimilarity. Repeated application of a single expansion rule generates an extremely deep network whose structural layout is precisely a truncated fractal. Such a network contains interacting subpaths of different lengths, but does not include any pass-through connections: every internal signal is transformed by a f...
متن کاملAre Technology Shocks Nonlinear?
This paper examines the behavior of postwar real U.S. GNP, the inputs to an aggregate production function, and the associated Solow residuals for the presence of nonlinearities in their generating mechanisms. To test for nonlinearity, we implement three di®erent statistical tests: the McLeod-Li test based on the correlogram of the squared data, the BDS test based on the correlation integral, an...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2009
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100509080043