Malley, J. R. , Muscatelli, V.A. and Woitek, U. (2005) Real business cycles, sticky wages or sticky prices? The impact of technology shocks on US manufacturing. European Economic Review, 49(3), pp. 745-760. (doi: 10.1016/S0014-2921(03)00073-4)
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Abstract
In this paper, we examine empirically the predictions of a range of theoretical models which give a prominent role to technology shocks in explaining business cycles. To this end, we estimate (4-digit SIC) industry-level VAR models for US manufacturing using real output, the real wage and utilization corrected measures of technology and labor input. Our results support both sticky-wage DGE and RBC models over sticky-price DGE models. Moreover, they cast some doubt on the importance of technology shocks as propulsive mechanism for business cycles at the industry level.
Item Type: | Articles |
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Status: | Published |
Refereed: | Yes |
Glasgow Author(s) Enlighten ID: | Woitek, Prof Ulrich and Malley, Professor Jim and Muscatelli, Professor Anton |
Authors: | Malley, J. R., Muscatelli, V.A., and Woitek, U. |
College/School: | College of Social Sciences > Adam Smith Business School > Economics |
Journal Name: | European Economic Review |
Publisher: | Elsevier B.V. |
ISSN: | 0014-2921 |
ISSN (Online): | 1873-572X |
Published Online: | 07 August 2003 |
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