| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3824 |
| DP3824 Price Squeezes in a Regulatory Environment | |
| Frank Verboven; Jan Bouckaert | |
| 发表日期 | 2003-02-10 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Recent empirical work has suggested that in response to a positive technology shock, labour productivity rises more than output, while employment shows a persistent decline. This finding has raised doubts concerning the relevance of the RBC model as well as the quantitative significance of technology shocks as a source of aggregate fluctuations. We show that the inability of the RBC model to fit these stylized facts is an artifact of the closed economy assumption. In an open economy, the flexible price RBC model can match the negative conditional correlation between productivity and employment quite well, as long as trade elasticities fall short of unity and the degree of openness is sufficiently high. The computed variance-decompositions also suggest that there is no empirical inconsistency between matching this correlation and accepting that technology shocks are the main source of variation in output. Moreover, using a low trade elasticity value does not worsen performance along any other dimensions. |
| 主题 | International Macroeconomics |
| 关键词 | Technological shocks Employment Open economy Flexible prices Staggered prices |
| URL | https://cepr.org/publications/dp3824 |
| 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/532739 |
| 推荐引用方式 GB/T 7714 | Frank Verboven,Jan Bouckaert. DP3824 Price Squeezes in a Regulatory Environment. 2003. |
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