Economics & Statistics Discussion Paper
نویسندگان
چکیده
This paper contributes to the literature on the role of technology shocks as source of the business cycle in two ways. First, we document that time-series of US productivity and hours are apparently affected by a structural break in the late 60’s, which is likely due to a major change in the monetary policy. Second, we show that the importance of demand shocks over the business cycle has sharply increased after the break.
منابع مشابه
Decentralization of territorial policy in Italy: the coherence with the model of multi-level governance and the effects on responsibilities of public spending
The Economics & Statistics Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. The views expressed in the papers are solely the responsibility of the authors.
متن کاملOn the Economics of Regional Powers: Comparing China, India, Brazil, and South Africa
As the conception of and debates on regional powers have been led by political science, this paper aims to contribute to the discussion from an economics perspective. Based on the discussion of different concepts of economic power—such as those of Schumpeter, Perroux, Predöhl, or Kindleberger—concepts of technological leadership, and the global value chain approaches, the paper develops a resea...
متن کاملDiscussion of “ Bootstrap prediction intervals for linear , nonlinear , and nonparametric autoregressions ” , by Li Pan and Dimitris Politis Sílvia Gonçalves and Benoit Perron
We would like to start by congratulating the authors for having written this important paper. Prediction intervals are popular in economics and finance (e.g. they are often used by Central Banks to measure point forecasts uncertainty). The paper provides a unifying treatment of bootstrap prediction intervals for autoregression models, which are one of the workhorse models for economic forecasti...
متن کاملEconomics & Statistics Discussion Paper
The aim of this paper is to provide a new perspective on the nonparametric co-integration analysis for integrated processes of the second order. Our analysis focus on a pair of random matrices related to such integrated process. Such matrices are constructed by introducing some weight functions. Under asymptotic conditions on such weights, convergence results in distribution are obtained. There...
متن کاملEconomics & Statistics Discussion Paper
This paper modelles job search mechanism at individual level by a determinstic-stochastic approach in a economy with perfect competion and rational agents. Each single unit, firm or worker, is analyzed over time; aggregate dynamics comes directly from the micro-structure of the economy. We show that the unemployment as well as vacancy rate converge in the long run to an ergodic distribution who...
متن کامل