English, Article, Journal or magazine article edition: Technology shocks, employment, and labor market frictions Federico S. Mandelman; Francesco Zanetti

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Bookmark: http://trove.nla.gov.au/version/161794
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Technology shocks, employment, and labor market frictions
Author
  • Federico S. Mandelman
  • Francesco Zanetti
Physical Description
  • preprint
Notes
  • Recent empirical evidence suggests that a positive technology shock leads to a decline in labor inputs. However, the standard real business cycle model fails to account for this empirical regularity. Can the presence of labor market frictions address this problem without otherwise altering the functioning of the model? We develop and estimate a real business cycle model using Bayesian techniques that allows but does not require labor market frictions to generate a negative response of employment to a technology shock. The results of the estimation support the hypothesis that labor market frictions are responsible for the negative response of employment.
  • Econometric models ; Technological innovations ; Labor market
  • RePEc:fip:fedawp:2008-10
Language
  • English
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