全球智库信息集成服务系统(G2TT): Revisions in Utilization-Adjusted TFP and Robust Identification of News Shocks

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23142
来源ID	Working Paper 23142
	Revisions in Utilization-Adjusted TFP and Robust Identification of News Shocks
	André Kurmann; Eric Sims
发表日期	2017-02-13
出版年	2017
语种	英语
摘要	This paper documents large revisions in a widely-used series of utilization-adjusted total factor productivity (TFP) by Fernald (2014) and shows that these revisions can materially affect empirical conclusions about the macroeconomic effects of news shocks. We propose an alternative identification that is robust to measurement issues with TFP, including the revisions in Fernald’s series. When applied to U.S. data, the shock predicts sustained future productivity growth while simultaneously generating strong impact responses of novel indicators of technological innovation and forward-looking information variables. The shock does, however, not lead to comovement in macroeconomic aggregates as typically associated with business cycle fluctuations.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles ; Development and Growth ; Growth and Productivity
URL	https://www.nber.org/papers/w23142
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/580816
推荐引用方式 GB/T 7714	André Kurmann,Eric Sims. Revisions in Utilization-Adjusted TFP and Robust Identification of News Shocks. 2017.

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
w23142.pdf（584KB）	智库出版物		限制开放	CC BY-NC-SA	浏览