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

• 成果类型: Article
• 署名作者: Mumtaz, Haroon; Zanetti, Francesco
• 署名单位: Bank of England
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2011.00678.x
• 发表日期: 2012
• 页码: 235-254
• 关键词: long-run restrictions; monetary-policy; business-cycle; vector autoregressions; unemployment; EMPLOYMENT; models; output; form

摘要

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.