| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22154 |
| 来源ID | Working Paper 22154 |
| Differences in Quarterly Utilization-Adjusted TFP by Vintage, with an Application to News Shocks | |
| Eric R. Sims | |
| 发表日期 | 2016-04-11 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper documents large differences across vintages in the properties of the widely-used quarterly utilization-adjusted TFP series produced by Fernald (2014), who provides updated data each quarter on his website. The most recent vintage of the adjusted TFP series has correlations with earlier vintages of the series that are less than 0.6. Compared to earlier vintages, the most recent vintage of the adjusted TFP data is more weakly correlated with output and more strongly negatively correlated with hours worked. I revisit the empirical analysis from Barsky and Sims (2011), who use an earlier vintage of Fernald's adjusted TFP data to identify impulse responses to news shocks about future productivity in a structural VAR. The vintage of adjusted TFP data matters for their estimated impulse responses, and in some specifications the differences using the most recent vintage of the adjusted TFP data are qualitatively large in a way that is more favorable to theories of news-driven business cycles. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Development and Growth ; Growth and Productivity |
| URL | https://www.nber.org/papers/w22154 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579828 |
| 推荐引用方式 GB/T 7714 | Eric R. Sims. Differences in Quarterly Utilization-Adjusted TFP by Vintage, with an Application to News Shocks. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22154.pdf（370KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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