Title of article :
Redistributiveshocksandproductivityshocks
Author/Authors :
Jose´ -V?´ctor R?´os-Rull، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2010
Abstract :
A productivityinnovationreduceslaborshareatimpact,makingitcountercyclical;it
subsequentlyproducesalong-lastingincreasethatpeaksfiveyearslateratalevellarger
in absolutetermsthantheinitialdrop,beforeslowlyreturningtoaverage,i.e.,laborshare
overshoots. Weestimateabivariateshockprocesstotheproductionfunctionthatunder
competitioninfactormarketsaccountsforthisovershooting.Weposethisprocessinan
otherwisestandardrealbusinesscycleeconomy,andwefindthatthecontributionof
productivityinnovationstothevarianceofhoursis1%ofthatinthestandardRBCmodel.
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
