NEUTRAL TECHNOLOGY SHOCKS AND THE DYNAMICS OF LABOR INPUT: RESULTS FROM AN AGNOSTIC IDENTIFICATION*

Haroon Mumtaz · Francesco Zanetti

45 citations0/0 files storedInternational Economic Review

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Monetary Policy and Economic Impact Economic Growth and Productivity Economic theories and models

Abstract

This article studies the dynamic response of labor input to neutral technology shocks. It uses benchmark dynamic, stochastic, general equilibrium models enriched with labor market search and matching frictions and investment‐specific technological progress that enables a new, agnostic, identification scheme based on sign restrictions on a structural vector autoregression (SVAR). The estimation supports an increase of labor input in response to neutral technology shocks. This finding is robust across different perturbations of the SVAR model.

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1988The Dynamic Effects of Aggregate Demand and Supply Disturbances 2005The Cyclical Behavior of Equilibrium Unemployment and Vacancies 2005What are the effects of monetary policy on output? Results from an agnostic identification procedure 1998Monetary policy rules in practice 1996Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations 1990On the Efficiency of Matching and Related Models of Search and Unemployment 1995Long-Run Implications of Investment-Specific Technological Change 1986Forecasting With Bayesian Vector Autoregressions—Five Years of Experience

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