期刊
JOURNAL OF MONETARY ECONOMICS
卷 58, 期 3, 页码 273-289出版社
ELSEVIER
DOI: 10.1016/j.jmoneco.2011.03.001
关键词
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This paper proposes and implements a novel structural VAR approach to the identification of news shocks about future technology. The news shock is identified as the shock orthogonal to the innovation in current utilization-adjusted TFP that best explains variation in future TFP. A favorable news shock leads to an increase in consumption and decreases in output, hours, and investment on impact - more suggestive of standard DSGE models than of recent extensions designed to generate news-driven business cycles. Though news shocks account for a significant fraction of output fluctuations at medium frequencies, they contribute little to our understanding of recessions. (C) 2011 Elsevier B.V. All rights reserved.
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