Can Long-Run Restrictions Identify Technology Shocks?

Christopher J. Erceg · Luca Guerrieri · Christopher J. Gust

212 citations0/0 files storedJournal of the European Economic Association

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

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NOTE: International Finance Discussion Papers are preliminary materials circulated to stim-ulate discussion and critical comment. References in publications to International Finance Discussion Papers (other than an acknowledgement that the writer has had access to unpub-lished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at www.federalreserve.gov/pubs/ifdp/. Can Long-Run Restrictions Identify Technology Shocks?

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2005Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy 1988The Dynamic Effects of Aggregate Demand and Supply Disturbances 2003An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area 1980The Solution of Linear Difference Models under Rational Expectations 2000Optimal monetary policy with staggered wage and price contracts 1988Production, growth and business cycles 1986Investment, Capacity Utilization and the Real Business Cycle 1985Indivisible labor and the business cycle

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2020Global Productivity: Trends, Drivers, and Policies 2005Firm-Specific Capital, Nominal Rigidities and the Business Cycle 2009Measures of per Capita Hours and Their Implications for the Technology‐Hours Debate 2010Redistributive shocks and productivity shocks 2013A Flexible Finite-Horizon Alternative to Long-Run Restrictions with an Application to Technology Shocks 2007Trend breaks, long-run restrictions, and contractionary technology improvements

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