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| Author: | Malley, J.R. Muscatelli, V.A. Woitek, U. |
| Title: | Real business cycles, sticky wages or sticky prices? The impact of technology shocks on US manufacturing |
| Journal: | European Economic Review
2005 : APR, VOL. 49:3, p. 745-760 |
| Index terms: | Business cycles Prices Pay Technology Manufacturing Productivity Models USA |
| Language: | eng |
| Abstract: | This paper empirically examines the predictions of a range of theoretical models giving a prominent role to technology shocks in explaining business cycles. To this end, it is estimated (4-digit SIC) industry-level VAR models for U.S. manufacturing using real output, the real wage and utilization corrected measures of technology and labour input. The 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. |
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