全球智库信息集成服务系统(G2TT): DP5528 Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870-1913 and Today

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP5528
	DP5528 Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870-1913 and Today
	Nathan Sussman; YIshay Yafeh; Paolo Mauro
发表日期	2006-03-22
出版年	2006
语种	英语
摘要	Recent contributions have suggested that technology shocks have a negative impact on hours, contrary to the prediction of standard flexible-price models of the business cycle. Some authors have interpreted this finding as evidence in favour of sticky-price models, while others have either extended flexible-price models or disputed the empirical finding itself. In this paper we estimate a variety of alternative TFP measures for a representative sample of Italian manufacturing firms and on average find a negative effect of productivity shocks on hours. Using the reported frequency of price reviews, we show that the contractionary effect is stronger for firms with more flexible prices. Price stickiness remains a crucial factor in the response of hours even if product storability or market power are allowed for. Our results hold under alternative assumptions for the stationarity of hours per capita.
主题	International Macroeconomics
关键词	Productivity shocks Price rigidity Labour input
URL	https://cepr.org/publications/dp5528
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/534418
推荐引用方式 GB/T 7714	Nathan Sussman,YIshay Yafeh,Paolo Mauro. DP5528 Bloodshed or Reforms? The Determinants of Sovereign Bond Spreads in 1870-1913 and Today. 2006.