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Author : Rochelle Mary Edge
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.E/5 ( download)
Download or read book The Responses of Wages and Prices to Technology Shocks written by Rochelle Mary Edge and published by . This book was released on 2003 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rochelle M. Edge
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Responses of Wages and Prices to Techology written by Rochelle M. Edge and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reexamines wage and price dynamics in response to permanent shocks to productivity. We estimate a micro-founded dynamic general equilibrium (DGE) model of the U.S. economy with sticky wages and sticky prices using impulse responses to technology and monetary policy shocks. We utilize a flexible specification for wage- and price-setting that allows for the sluggish adjustment of both the levels of these variables - as in standard contracting models - as well as intrinsic inertia in wage and price inflation. On the price front, we find that in our VAR inflation jumps in response to an identified permanent technology shock, implying that, on average, prices adjust quickly and that there is little evidence for any intrinsic inflation inertia like that commonly found in models used for monetary policy evaluation. On the wage front, we find evidence for significant inertia in wages and some intrinsic inertia in nominal wage inflation. Our results provide support for the standard sticky-price specification of the New Keynesian model; however, the evidence on the high degree of wage inertia presents a challenge for standard models of wage setting.
Author : Mr.Pau Rabanal
Publisher : International Monetary Fund
ISBN 13 : 1451875657
Total Pages : 68 pages
Book Rating : 4.4/5 (518 download)
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author : Zheng Liu
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (129 download)
Download or read book Technology Shocks and Labor Market Dynamics written by Zheng Liu and published by . This book was released on 2006 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of technology shocks on labor market dynamics. We provide evidence that a positive technology shock leads to a weak response in nominal wage inflation, a modest decline in price inflation, and a modest rise in the real wage on impact and a permanent rise in the long run. The same shock may lead to a rise or fall in per capita hours, depending on whether hours enter the empirical model in levels or in differences. But the dynamic behaviors of wages and prices are robust across our alternative empirical specifications. We examine what theories may be able to explain the evidence. After arguing that a standard RBC model and its variants fail to explain the evidence about wages and prices, we show that, under plausible parameter values, a pure sticky-price model does not succeed either. However, a model with both nominal wage and price rigidities can be more successful. On this ground, we argue that to explain the effects of technology shocks on labor market dynamics may call for a significant departure from the traditional RBC paradigm.
Author : Jordi Galí
Publisher :
ISBN 13 :
Total Pages : 50 pages
Book Rating : 4.X/5 (6 download)
Download or read book Technology Shocks and Monetary Policy written by Jordi Galí and published by . This book was released on 2002 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Beth Anne Wilson
Publisher :
ISBN 13 :
Total Pages : 234 pages
Book Rating : 4.:/5 (329 download)
Download or read book The Response of Wages and Employment to Economic Shocks written by Beth Anne Wilson and published by . This book was released on 1995 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Author : Mr.Nooman Rebei
Publisher : International Monetary Fund
ISBN 13 : 1475505612
Total Pages : 41 pages
Book Rating : 4.4/5 (755 download)
Download or read book What (Really) Accounts for the Fall in Hours After a Technology Shock? written by Mr.Nooman Rebei and published by International Monetary Fund. This book was released on 2012-08-01 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small-scale DSGE models that extend the standard real business cycle model. In particular, we identify from the literature six different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These models alternatively exhibit (i) sticky prices; (ii) firm entry and exit with time to build; (iii) habit in consumption and costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with procyclical hiring costs; and (vi) Leontief production function with labor-saving technology shocks. In terms of model posterior probabilities, impulse responses, and autocorrelations, the model favored is the one that exhibits habit formation in consumption and investment adjustment costs. A robustness test shows that the sticky price model becomes as competitive as the habit formation and costly adjustment of investment model when sticky wages are included.
Author : Robert J. Vigfusson
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Delayed Response to a Technology Shock written by Robert J. Vigfusson and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I present empirical evidence of how the U.S. economy, including per-capita hours worked, responds to a technology shock. In particular, I present results based on permanent changes to a constructed direct measure of technological change for U.S. manufacturing industries. Based on empirical evidence, some claim that hours worked declines and never recovers in response to a positive technology shock. This paper's empirical evidence suggests that emphasizing the drop in hours worked is misdirected. Because the sharp drop in hours is not present here, the emphasis rather should be on the small (perhaps negative) initial response followed by a subsequent large positive response. Investment, consumption, and output have similar dynamic responses. In response to a positive technology shock, a standard flexible price model would have an immediate increase in hours worked. Therefore, such a model is inconsistent with the empirical dynamic responses. I show, however, that a flexible price model with habit persistence in consumption and certain kinds of capital adjustment costs can better match the empirical responses. Some recent papers have critiqued the use of long run VARs to identify the dynamic responses to a technology shock. In particular they report that, when long run VARs are applied to data simulated from particular economic models, the point estimates of the impulse responses may be imprecisely estimated. However, based on additional simulation evidence, I find that, although the impact response may be imprecisely estimated, a finding of a delayed response is much more likely when the true model response also has a delayed response.
Author : Christopher J. Erceg
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (121 download)
Download or read book Can Long-run Restrictions Identify Technology Shocks? written by Christopher J. Erceg and published by . This book was released on 2004 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jordi Galí
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Technology, Employment and the Business Cycle written by Jordi Galí and published by . This book was released on 1996 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using data for the G7 countries, I estimate conditional correlations of employment and productivity, based on a decomposition of the two series into technology and non-technology components. The picture that emerges is hard to reconcile with the predictions of the standard Real Business Cycle model. For a majority of countries the following results stand out: (a) technology shocks appear to induce a negative comovement between productivity and employment, counterbalanced by a positive comovement generated by demand shocks, (b) the impulse responses show a persistent decline of employment in response to a positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More generally, the pattern of economic fluctuations attributed to technology shocks seems to be largely unrelated to major postwar cyclical episodes. A simple model with monopolistic competition, sticky prices, and variable effort is shown to be able to account for the empirical findings.
Author : Stanley Fischer
Publisher : MIT Press
ISBN 13 : 9780262560801
Total Pages : 340 pages
Book Rating : 4.5/5 (68 download)
Download or read book NBER Macroeconomics Annual 1994 written by Stanley Fischer and published by MIT Press. This book was released on 1994 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the ninth in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics. Contents On the Speed of Transition in Eastern Europe, Philippe Aghion and Olivier Jean Blanchard * The Costs of Business Cycles with Incomplete Markets, Andrew Atkeson and Christopher Phelan * The U.S. Fiscal Problem: Where We Are, How We Got Here and Where We Are Going, Alan Auerbach * The East Asian Miracle Economies, John Page * What Ends Recessions? Christina Romer and David Romer * Toward a Modern Macroeconomic Model Usable for Policy Analysis, Christopher Sims and Eric Leeper
Download or read book What Explains the Effects of Technology Shocks on Labor Market Dynamics? written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Neville Francis
Publisher :
ISBN 13 :
Total Pages : 334 pages
Book Rating : 4.:/5 (318 download)
Download or read book Essays on Human Capital and Technology Shocks written by Neville Francis and published by . This book was released on 2001 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ben S. Bernanke
Publisher : MIT Press
ISBN 13 : 9780262523233
Total Pages : 398 pages
Book Rating : 4.5/5 (232 download)
Download or read book NBER Macroeconomics Annual 2001 written by Ben S. Bernanke and published by MIT Press. This book was released on 2002 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Current issues in macroeconomics.
Author : Kenneth S. Rogoff
Publisher : MIT Press
ISBN 13 : 0262572346
Total Pages : 479 pages
Book Rating : 4.2/5 (625 download)
Download or read book NBER Macroeconomics Annual 2005 written by Kenneth S. Rogoff and published by MIT Press. This book was released on 2006-04 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.
Author : Charles A. Fleishman
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.E/5 ( download)
Download or read book The Causes of Business Cycles and the Cyclicality of Real Wages written by Charles A. Fleishman and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
