Redistributive shocks and productivity shocks
成果类型：
Article
署名作者：
Rios-Rull, Jose-Victor; Santaeulalia-Llopis, Raul
署名单位：
Center for Economic & Policy Research (CEPR); University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.10.005
发表日期：
2010
页码：
931-948
关键词：
摘要：
A productivity innovation reduces labor share at impact making it countercyclical it subsequently produces a long-lasting increase that peaks five years later at a level larger in absolute terms than the initial drop before slowly returning to average i e labor share overshoots We estimate a bivariate shock process to the production function that under competition in factor markets accounts for this overshooting We pose this process in an otherwise standard real business cycle economy and we find that the contribution of productivity innovations to the variance of hours is 1% of that in the standard RBC model (C) 2010 Elsevier B V All rights reserved
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