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2 edition of Technology shocks and aggregate fluctuations found in the catalog.

Technology shocks and aggregate fluctuations

Jordi GalГ­

Technology shocks and aggregate fluctuations

how well does the real business cycle model fit postwar U.S. data?

by Jordi GalГ­

  • 227 Want to read
  • 34 Currently reading

Published by International Monetary Fund, Western Hemisphere Dept. in [Washington, D.C] .
Written in English

    Subjects:
  • Business cycles.,
  • Industrial productivity -- Effect of technological innovations on -- Econometric models.

  • Edition Notes

    Statementprepared by Jordi Gali and Pau Rabanal.
    SeriesIMF working paper -- WP/04/234
    ContributionsInternational Monetary Fund. Western Hemisphere Dept.
    The Physical Object
    Pagination66 p. ;
    Number of Pages66
    ID Numbers
    Open LibraryOL19439613M

      Technology Shocks: Novel Implications for International Business Cycles Also available as IFDP , Board of Governors. Firing Costs and Labor Market Fluctuations: A Cross-Country Analysis [With G. Llosa, L. Ohanian and R. Rogerson]. [LOOR_slides] The Macroeconomic Effects of Trade Policies [with C. Erceg and A. Prestipino]. Technology: Many theorists emphasise the role of shocks in technology. To see how technological shocks cause fluctuations, suppose some improvements in tech­nology are available, such as, faster computers. According to this .

    Technology shocks and aggregate fluctuations Solid lines of Fig. 1 show the responses of the calibrated model to a one standard deviation positive technology innovation (%). Dashed lines indicate the responses under fully flexible pricing (η = ).Author: Miguel Casares. Gali' and Rabanal, Technology Shocks and Aggregate Fluctuations: How Well does the RBC Model Fit Postwar U.S. Data? DeJong et al., A Bayesian approach to dynamic macroeconomics Figures, Figures, Figures. Other approaches. RBC Models. King and Rebelo, Resuscitating Real Business Cycles Rebelo, Real Business Cycle Models: Past, Present and.

    In an attempt to quantify the contribution of other (non-technology) shocks to fluctuations in the Solow residual for Australia, I employ the Structural Vector Autoregression (SVAR) methodology developed by Shapiro and Watson [], Blanchard and Quah [] and Cochrane []. They recognized this aggregate technology measure as an aggregate technology shocks and examined the response of labor hours to the technology shocks. As a result, they showed that the aggregate technology shocks reduced labor hours like Galí (). Using the technology measure developed by BFK (), Malley, Muscatteli, and.


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Technology shocks and aggregate fluctuations by Jordi GalГ­ Download PDF EPUB FB2

Technology Shocks and Aggregate Fluctuations: How Well Does the Real Business Cycle Model Fit Postwar U.S. Data. Jordi Galí, Pau Rabanal. Chapter in NBER book NBER Macroeconomics AnnualVolume 19 (), Mark Gertler and Kenneth Rogoff, editors (p. - ) Published in April by MIT PressCited by: Get this from a library.

Technology, employment, and the business cycle: do technology shocks explain aggregate fluctuations?. [Jordi Galí; National Bureau of Economic Research.]. Downloadable (with restrictions). In the New Keynesian model, preference, cost-push, and monetary shocks all compete with the real-business-cycle model's technology shock in driving aggregate fluctuations.

A version of this model, estimated via maximum likelihood, points to these other shocks as being more important for explaining the behavior of output, inflation, and Cited by: Technology shocks are sudden changes in technology that significantly effect economic, social, political or other outcomes.

In economics, the term technology shock usually refers to events in a macroeconomic model, that change the production y this is modeled with an aggregate production function that has a scaling factor.

COVID Resources. Reliable information about the coronavirus (COVID) is available from the World Health Organization (current situation, international travel).Numerous and frequently-updated resource results are available from this ’s WebJunction has pulled together information and resources to assist library staff as they consider how to handle.

“ Technology Shocks and Aggregate Fluctuations: How Well Does the Real Business Cycle Model Fit Postwar U.S.

Data. ” In NBER Macroeconomics Annualedited by Gertler, Mark and Rogoff, Kenneth, Technology shocks and aggregate fluctuations book Cited by: 3. Technology shocks and aggregate fluctuations in an estimated hybrid RBC model Article in Journal of Economic Dynamics and Control 34(7).

Guthlac Kirk Anyalezu's Economics provides an advanced econometrics analysis integrating the real world (macroeconomics and microeconomics) of analyzing and/or synthesizing aggregate productivity and aggregate technology.

The book's conciseness and easy-to-follow chapters provide the best mix of Pages: Jordi Galí & Pau Rabanal, "Technology Shocks and Aggregate Fluctuations: How Well Does the Real Business Cycle Model Fit Postwar U.S.

Data?," NBER Chapters, in: NBER Macroeconomics AnnualVol pagesNational Bureau of Economic Research, Inc. Handle: RePEc:nbr:nberch Conversely, the study of Miguel et al. () finds that where they proposed a small open economy RBC model, the oil price shocks are highly significant in explaining aggregate fluctuations.

Their. technology shocks explain only a small share of idiosyncratic industry volatility of inputs and TFP at business-cycle horizons. This result is bad news for technology-shock-driven models, particularly given that industry-specific technology shocks are likely to explain industry-specific volatility better than aggregate volatility (Horvath, ).Cited by: tify the impact of technology shocks on economic activity.

They are positively linked to changes in R&D and scientific knowledge, and capture the new technologies' commercialization dates. Changes in information technology are found to be important sources of eco nomic fluctuations in the post-WWII period, and total factor pro.

literature to thoroughly investigate the role of technology shocks on fluctuations. By doing so we will also examine non-trivial but often neglected aspects of economic agents’ decision making, in-formation (or lack thereof) when studying aggregate dynamics. Before formally discussing the key ideas and ingredients of this.

specific shocks for aggregate growth and fluctuations, and the second argues that differences in a firm's mix between growth opportunities and assets in place are important for understanding the cross section of expected stock re-turns.

1ST shocks capture the idea that technical change is embodied in new equip-ment. I also demonstrate that sticky-price models do a poor job generating U.S.-like business cycles with only shocks to technology, the federal funds rate, and government consumption.

This explains why Gali and Rabanal need large unobserved shocks to preferences and to the degree of monopoly power. By Frank Shostak* Economic fluctuations, also known as business cycles, are seen as being driven by mysterious forces that are difficult to identify.

Finn. Therefore, the aggregate demand shock and the technology shock have conflicting impact as far as aggregate output fluctuations are concerned. The results are similar when we substitute TFP with TE. The findings in general indicate the transitory nature of aggregate demand shocks compared to technology : Sunil Paul, Santosh Kumar Sahu, Tinu Iype Jacob.

We analyze sector-specific shocks in productivity and demand in 19 manufacturing sectors of the Austrian economy. Based on a structural vector autoregressive model (SVAR) with long-run restrictions developed by Galí () we extract technology and non-technology shocks from sectoral and aggregate data.

We study their patterns and relationship by means of a Cited by: 5. issues in the business cycle literature, first, the role of technology shocks in cycli-cal fluctuations and, second, the impact of technological change on employment, productivity, and capital investment.2 In a nutshell, I find that, while some innova-tions matter more than others, information technology has in the past 25 or so years.

Real Business Cycle Theory-A Systematic Review Deng, Binbin Department of Economics, Hong Kong University of Science and Criticism of Technology Shocks in Explaining Business Cycles & & & aggregate output fluctuations have injected fresh momentum to File Size: KB.

The aggregate demand is the level of consumption that satisfies equation (2) when m = properties of the aggregate demand reflect the household’s indifference between consumption and holding μ p real money balances.

First, a higher p leads to lower real money balances. Households’ indifference between consumption and holding money implies that they Cited by: Even if all prices and wages are perfectly flexible, aggregate _____ shocks such as sudden changes in technology or in the supplies of factors of production can cause national economic fluctuations.

supply.Among the most revolutionary and productive areas of economic research over the last two decades, modern business cycle theory is finally made accessible to students and professionals in this rigorous, unified, introductory volume.

This theory starts with the view that growth and fluctuations are not distinct phenomena to be studied separately--and that business cycles 3/5(2).