Arbeitspapier

Technology shocks and robust sign restrictions in a euro area SVAR

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.

Sprache
Englisch

Erschienen in
Series: ECB Working Paper ; No. 373

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

Ereignis
Geistige Schöpfung
(wer)
Peersman, Gert
Straub, Roland
Ereignis
Veröffentlichung
(wer)
European Central Bank (ECB)
(wo)
Frankfurt a. M.
(wann)
2004

Handle
Letzte Aktualisierung
10.03.2025, 11:46 MEZ

Datenpartner

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Objekttyp

  • Arbeitspapier

Beteiligte

  • Peersman, Gert
  • Straub, Roland
  • European Central Bank (ECB)

Entstanden

  • 2004

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