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The Response of hours to a technology shock: a two-step structural VAR approach
The response of hours to a technology shock is a controversial issue in macroeconomics. Part of the difficulty lies in that the estimated response is sensitive to the specification of hours in structural vector autoregressions (SVARs). This paper uses a simple two-step approach to consistently estimate the response of hours. The first step considers a SVAR model with a relevant stationary variable, but excluding hours. Given a consistent estimate of technology shocks in the first step, the response of hours to this shock is estimated in a second step. Simulation experiments from an estimated dynamic stochastic general equilibrium (DSGE) model show that this approach outperforms standard SVARs. When applied to U.S. data, the two-step approach predicts a short-run decrease followed by a hump-shaped positive response. This result is robust to other specifications and data..Printed journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : The Ohio State University |
|---|---|
| Edisi | - |
| Subjek | Macroeconomics Economic models Regression analysis Equilibrium Simulation studies Estimating techniques |
| ISBN/ISSN | 222879 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |