ON THE EFFECTS OF TECHNOLOGY SHOCKS OVER LABOR INPUT AT BUSINESS-CYCLE FREQUENCIES: AN EMPIRICAL NOTE

Authors

  • Matheus Albergaria de Magalhães Instituto Jones dos Santos Neves (IJSN)
    • Paulo Picchetti Fundação Getúlio Vargas (FGV)

      DOI:

      https://doi.org/10.22456/2176-5456.21385

      Keywords:

      Technology shocks, Business cycles, RBC models

      Abstract

      In the last years, there has been a heated debate over the empirical adequacy of Real-Business-Cycle (RBC) models (GALÍ, 1999; CHRISTIANO; EICHENBAUM; VIGFUSSON, 2003; FRANCIS; RAMEY, 2005). In this empirical note, we check the robustness of some of the main results obtained in this strand of the literature. Our contribution is twofold: first, we provide robust results by using different data sources; second, we show that the results related to labor input’s dynamic pattern over business-cycle horizons are sensitive to the way labor input is modelled. The results obtained favor specifications where labor input is modelled as growth rates. These results may help distinguishing the most desirable empirical specifications to be employed over the debate in the future.

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      Author Biographies

      Matheus Albergaria de Magalhães, Instituto Jones dos Santos Neves (IJSN)

      Especialista em pesquisas governamentais do Instituto Jones dos Santos Neves (IJSN).

      Paulo Picchetti, Fundação Getúlio Vargas (FGV)

      Professor de Economia e Pesquisador da Escola de Economia da Fundação Getúlio Vargas (EESP-FGV).

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      Published

      2013-09-06

      How to Cite

      Magalhães, M. A. de, & Picchetti, P. (2013). ON THE EFFECTS OF TECHNOLOGY SHOCKS OVER LABOR INPUT AT BUSINESS-CYCLE FREQUENCIES: AN EMPIRICAL NOTE. Análise Econômica, 31(60). https://doi.org/10.22456/2176-5456.21385

      Issue

      Vol. 31 No. 60 (2013): setembro de 2013

      Section

      Artigos

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