Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.3/1133
Título: Demand shocks and productivity growth
Autor: Menezes, António Gomes de
Palavras-chave: Cyclical Shocks
Demand Shocks
Productivity Growth
Data: Nov-2004
Editora: CEEAplA
Relatório da Série N.º: Working Paper Series;04/2004
Resumo: This paper presents evidence on the relationship between cyclical shocks and productivity growth, for 20 2-digit SIC US manufacturing industries and a set of monetary policy, fiscal policy, and oil price shocks. The paper uses as a measure of productivity change a Solow residual corrected for a wide range of non-technological effects due to imperfect-competition, non-constant returns to scale, and cyclical utilization rates of capital and labor services. The empirical framework identifies policy shocks independently of productivity measurement issues via a two-step procedure. While the typical industry shows weak responses of productivity to the shocks considered, in some industries temporary contractionary policy shocks lead to increases in productivity. In addition, the results reveal that there are localized asymmetries, with contractionary policy shocks having larger produtivity effects than their expansionary counterparts. The results support the thesis that job reallocation is an important channel linking contractionary policy shocks and productivity growth. These results support the pit-stop view of downturns.
Peer review: yes
URI: http://hdl.handle.net/10400.3/1133
Aparece nas colecções:CEEAplA Working Paper Series 2004

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