NEUTRAL TECHNOLOGY SHOCKS AND THE DYNAMICS OF LABOR INPUT: RESULTS FROM AN AGNOSTIC IDENTIFICATION

NEUTRAL TECHNOLOGY SHOCKS AND THE DYNAMICS OF LABOR INPUT: RESULTS FROM AN AGNOSTIC IDENTIFICATION

This article studies the dynamic response of labor input to neutral technology shocks. It uses benchmark dynamic, stochastic, general equilibrium models enriched with labor market search and matching frictions and investment-specific technological progress that enables a new, agnostic, identificatio...

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Veröffentlicht in:International economic review (Philadelphia) 2012-02, Vol.53 (1), p.235-254
Hauptverfasser: Mumtaz, Haroon, Zanetti, Francesco
Format: Artikel
Sprache:eng
Schlagworte:
Economic fluctuations
Economic models
Employment
Equilibrium models
General economic equilibrium
Hiring
Labor economics
Labor markets
Labour market
Modeling
Nominal interest rates
Price shocks
Productivity
Regression analysis
Stochastic models
Studies
Technology transfer
Unemployment
Vector autoregression
Vector-autoregressive models
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Beschreibung
Zusammenfassung:This article studies the dynamic response of labor input to neutral technology shocks. It uses benchmark dynamic, stochastic, general equilibrium models enriched with labor market search and matching frictions and investment-specific technological progress that enables a new, agnostic, identification scheme based on sign restrictions on a structural vector autoregression (SVAR). The estimation supports an increase of labor input in response to neutral technology shocks. This finding is robust across different perturbations of the SVAR model.
ISSN:0020-6598
1468-2354
DOI:10.1111/j.1468-2354.2011.00678.x