What (really) accounts for the fall in hours after a technology shock?:
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Series: | IMF working paper
WP/12/211 |
| Subjects: | |
| Online Access: | FAW01 FAW02 FLA01 |
| Item Description: | Title from PDF title page (IMF Web site, viewed Aug. 29, 2012). - "Institute for Capacity Development Department.". - "August 2012." The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small-scale DSGE models that extend the standard real business cycle model. In particular, we identify from the literature six different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These models alternatively exhibit (i) sticky prices; (ii) firm entry and exit with time to build; (iii) habit in consumption and costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with procyclical hiring costs; and (vi) Leontief production function with labor-saving technology shocks. In terms of model posterior probabilities, impulse responses, and autocorrelations, the model favored is the one that exhibits habit formation in consumption and investment adjustment costs. A robustness test shows that the sticky price model becomes as competitive as the habit formation and costly adjustment of investment model when sticky wages are included Includes bibliographical references |
| Physical Description: | 41 pages |
| ISBN: | 1475580576 9781475580570 |
Staff View
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| 500 | |a The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small-scale DSGE models that extend the standard real business cycle model. In particular, we identify from the literature six different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These models alternatively exhibit (i) sticky prices; (ii) firm entry and exit with time to build; (iii) habit in consumption and costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with procyclical hiring costs; and (vi) Leontief production function with labor-saving technology shocks. In terms of model posterior probabilities, impulse responses, and autocorrelations, the model favored is the one that exhibits habit formation in consumption and investment adjustment costs. A robustness test shows that the sticky price model becomes as competitive as the habit formation and costly adjustment of investment model when sticky wages are included | ||
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| id | DE-604.BV043786787 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:35:07Z |
| institution | BVB |
| isbn | 1475580576 9781475580570 |
| language | English |
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| spelling | Rebei, Nooman 1972- Verfasser aut What (really) accounts for the fall in hours after a technology shock? prepared by Nooman Rebei [Washington, D.C.] International Monetary Fund ©2012 41 pages txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/211 Title from PDF title page (IMF Web site, viewed Aug. 29, 2012). - "Institute for Capacity Development Department.". - "August 2012." The paper asks how state of the art DSGE models that account for the conditional response of hours following a positive neutral technology shock compare in a marginal likelihood race. To that end we construct and estimate several competing small-scale DSGE models that extend the standard real business cycle model. In particular, we identify from the literature six different hypotheses that generate the empirically observed decline in worked hours after a positive technology shock. These models alternatively exhibit (i) sticky prices; (ii) firm entry and exit with time to build; (iii) habit in consumption and costly adjustment of investment; (iv) persistence in the permanent technology shocks; (v) labor market friction with procyclical hiring costs; and (vi) Leontief production function with labor-saving technology shocks. In terms of model posterior probabilities, impulse responses, and autocorrelations, the model favored is the one that exhibits habit formation in consumption and investment adjustment costs. A robustness test shows that the sticky price model becomes as competitive as the habit formation and costly adjustment of investment model when sticky wages are included Includes bibliographical references Business cycles / Econometric models fast Prices / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Prices Econometric models Business cycles Econometric models International Monetary FundXXbInstitute for Capacity Development Sonstige oth |
| spellingShingle | Rebei, Nooman 1972- What (really) accounts for the fall in hours after a technology shock? Business cycles / Econometric models fast Prices / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Prices Econometric models Business cycles Econometric models |
| title | What (really) accounts for the fall in hours after a technology shock? |
| title_auth | What (really) accounts for the fall in hours after a technology shock? |
| title_exact_search | What (really) accounts for the fall in hours after a technology shock? |
| title_full | What (really) accounts for the fall in hours after a technology shock? prepared by Nooman Rebei |
| title_fullStr | What (really) accounts for the fall in hours after a technology shock? prepared by Nooman Rebei |
| title_full_unstemmed | What (really) accounts for the fall in hours after a technology shock? prepared by Nooman Rebei |
| title_short | What (really) accounts for the fall in hours after a technology shock? |
| title_sort | what really accounts for the fall in hours after a technology shock |
| topic | Business cycles / Econometric models fast Prices / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Prices Econometric models Business cycles Econometric models |
| topic_facet | Business cycles / Econometric models Prices / Econometric models BUSINESS & ECONOMICS / Finance Wirtschaft Ökonometrisches Modell Prices Econometric models Business cycles Econometric models |
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