| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1257 |
| DP1257 Alternative Operating Procedures for Monetary Policy - A New Look at the Money Supply Process | |
| Peter Bofinger; Andrea Schächter | |
| 发表日期 | 1995-10-31 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | This paper analyses output and productivity for 450 US industries from 1958 to 1986. We make the following contributions. (i) We develop a method based on dynamic principal components to identify the number of common shocks to our data set. (ii) We propose a simple method for the estimation of the unobserved common dynamic component in a factor analytic model. (iii) We use a new method for identifying the technology shock based on the innocuous idea that technological innovations are mainly positive. (iv) We propose and construct a measure of the degree of substitution between complementary effects of shocks.Our main empirical findings are: (i) There are only two common shocks driving output and productivity in the 450 sectors; (ii) Technological innovations produce positive comovements at business cycle frequencies, but they are not sufficient to explain all cyclical fluctuations. (iii) Technological shocks are strongly correlated with the growth rates of the investment in machinery and equipment sectors and their inputs. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycle Factor analysis Principal components Sectoral movements Technical shocks |
| URL | https://cepr.org/publications/dp1257 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530398 |
| 推荐引用方式 GB/T 7714 | Peter Bofinger,Andrea Schächter. DP1257 Alternative Operating Procedures for Monetary Policy - A New Look at the Money Supply Process. 1995. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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