Technology shocks and robust sign restrictions in a euro area SVAR

Arbeitspapier

This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identi?ed using sign restrictions that are consistent with both sticky price and real business cycle models. In contrast to most of the existing literature for the US, evidence of a positive response of hours to technology shocks is found, which is consistent with the conventional real business cycle interpretation and at odds with sticky price models. In addition, an important role for technology shocks in explaining business cycle ?uctuations is found.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ECB Working Paper ; No. 373

Classification and Topics

• Classification: Wirtschaft ; Business Fluctuations; Cycles ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
• Subject: Real business cycle models ; Sticky price models ; Technology shocks ; vector autoregressions ; Arbeitszeit ; Technischer Fortschritt ; Schock ; Arbeitsangebot ; Geldpolitik ; Preisrigidität ; VAR-Modell ; Theorie ; Eurozone

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Peersman, Gert ; Straub, Roland
• Event: Veröffentlichung
• (who): European Central Bank (ECB)
• (where): Frankfurt a. M.
• (when): 2004

Further information

• Handle: http://hdl.handle.net/10419/152807
• Last update: 10.03.2025, 11:46 AM CET