| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3825 |
| DP3825 What is the Value Added by Caseworkers? | |
| Michael Lechner; Jeffrey Smith | |
| 发表日期 | 2003-03-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | A common view in macroeconomics is that business cycles can be meaningfully decomposed into fluctuations driven by demand shocks - which are shocks that have no short- or long-run effects on productivity - and fluctuations driven by unexpected changes in technology. In this Paper we propose a means of evaluating this view and we show that it is strongly at odds with the data. In contrast, we show that the data favours a view of business cycles driven primarily by a shock that does not affect productivity in the short run - therefore it looks like a demand shock - but affects productivity in the long run. The structural interpretation we suggest for this shock is that it represents news about future technological opportunities. We show that this shock explains about 50% of business cycle fluctuations and therefore deserves to be acknowledged and further understood by macroeconomists. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Business cycle News Productivity shocks |
| URL | https://cepr.org/publications/dp3825 |
| 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/532815 |
| 推荐引用方式 GB/T 7714 | Michael Lechner,Jeffrey Smith. DP3825 What is the Value Added by Caseworkers?. 2003. |
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