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

Autores

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

DOI:

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

Palavras-chave:

Technology shocks, Business cycles, RBC models

Resumo

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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Biografia do Autor

Matheus Albergaria de Magalhães, Instituto Jones dos Santos Neves

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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Publicado

2013-09-06

Como Citar

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