Shocks Matter
نویسندگان
چکیده
منابع مشابه
Technology 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 ...
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A commonly held view is that nominal rigidities are important for the transmission of monetary policy shocks. We argue that they are also important for understanding the dynamic effects of technology shocks, especially on labor hours, wages, and prices. Based on a dynamic general equilibrium framework, our closed-form solutions reveal that a pure sticky-price model predicts correctly that hours...
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ژورنال
عنوان ژورنال: IMF Working Papers
سال: 2020
ISSN: 1018-5941
DOI: 10.5089/9781513545684.001