This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Stochastic Technical Progress, Smooth Trends, and Nearly Distinct Business Cycles Author info | Abstract | Publisher info | Download info | Related research | Statistics Julio J. Rotemberg
Additional information is available for the following
registered author(s):
This paper studies a model of random technical progress where technology diffuses at realistically slow rates. It fits smooth trends to the sum of GDP series generated by this model and series representing transitory, or cyclical, fluctuations. Detrended GDP is then largely unrelated to technical progress. The detrending method proposed by Rotemberg (1999) reconstructs cyclical variations somewhat more accurately than the HP filter. With sufficiently slow diffusion it is also more accurate than a method based on VARs fitted to hours and GDP growth. Consistent with the model's predictions, permanent shocks initially depress both hours and output in these VARs.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by American Economic Association in its journal American Economic Review .
Volume (Year): 93 (2003)
Issue (Month): 5 (December)
Pages: 1543-1559
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Handle: RePEc:aea:aecrev:v:93:y:2003:i:5:p:1543-1559Contact details of provider: Email: Web page: http://www.aeaweb.org/aer/ More information through EDIRC
Order Information: Web: http://www.aeaweb.org/subscribe.html
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.:
Edward C. Prescott, 1986.
"Theory ahead of business cycle measurement ,"
Quarterly Review ,
Federal Reserve Bank of Minneapolis, issue Fall, pages 9-22.
[Downloadable!]
Other versions: Lippi, Marco & Reichlin, Lucrezia, 1993.
"The Dynamic Effects of Aggregate Demand and Supply Disturbances: Comment ,"
American Economic Review ,
American Economic Association, vol. 83(3), pages 644-52, June.
[Downloadable!] (restricted)
Rodolfo E. Manuelli, 2000.
"Technological Change, the Labor Market and the Stock Market ,"
NBER Working Papers
8022, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
repec:cup:macdyn:v:4:y:2000:i:4:p:423-47 is not listed on IDEAS
King, Robert G. & Rebelo, Sergio T., 1993.
"Low frequency filtering and real business cycles ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 17(1-2), pages 207-231.
[Downloadable!] (restricted)
Other versions: Susanto Basu & John Fernald & Miles Kimball, 1998.
"Are technology improvements contractionary? ,"
International Finance Discussion Papers
625, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions:
Susanto Basu & John Fernald & Miles Kimball, 2004.
"Are Technology Improvements Contractionary? ,"
NBER Working Papers
10592, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Susanto Basu & John Fernald & Miles Kimball, 2004.
"Are technology improvements contractionary? ,"
Working Paper Series
WP-04-20, Federal Reserve Bank of Chicago.
[Downloadable!] Susanto Basu & John Fernald & Miles Kimball, 2002.
"Are Technology Improvements Contractionary? ,"
Harvard Institute of Economic Research Working Papers
1986, Harvard - Institute of Economic Research.
[Downloadable!] Susanto Basu & John G. Fernald & Miles S. Kimball, 2006.
"Are Technology Improvements Contractionary? ,"
American Economic Review ,
American Economic Association, vol. 96(5), pages 1418-1448, December.
Geroski, P A & Walters, C F, 1995.
"Innovative Activity over the Business Cycle ,"
Economic Journal ,
Royal Economic Society, vol. 105(431), pages 916-28, July.
[Downloadable!] (restricted)
Jordi Gali, 1999.
"Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations? ,"
American Economic Review ,
American Economic Association, vol. 89(1), pages 249-271, March.
[Downloadable!] (restricted)
Other versions:
Jordi Gali, 1996.
"Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations ,"
NBER Working Papers
5721, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Gali, J., 1996.
"Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations? ,"
Working Papers
96-28, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Galí, Jordi, 1996.
"Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations? ,"
CEPR Discussion Papers
1499, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Gamber, Edward N & Joutz, Frederick L, 1993.
"The Dynamic Effects of Aggregate Demand and Supply Disturbances: Comment ,"
American Economic Review ,
American Economic Association, vol. 83(5), pages 1387-93, December.
[Downloadable!] (restricted)
Jovanovic, Boyan & Lach, Saul, 1997.
"Product Innovation and the Business Cycle ,"
International Economic Review ,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 38(1), pages 3-22, February.
Other versions: Lynn, Leonard, 1981.
"New Data on the Diffusion of the Basic Oxygen Furnace in the U.S. and Japan ,"
Journal of Industrial Economics ,
Blackwell Publishing, vol. 30(2), pages 123-35, December.
[Downloadable!] (restricted)
King, Robert G. & Plosser, Charles I. & Rebelo, Sergio T., 1988.
"Production, growth and business cycles : I. The basic neoclassical model ,"
Journal of Monetary Economics ,
Elsevier, vol. 21(2-3), pages 195-232.
[Downloadable!] (restricted)
Julio J. Rotemberg, 1999.
"A Heuristic Method for Extracting Smooth Trends from Economic Time Series ,"
NBER Working Papers
7439, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Greenwood, Jeremy & Hercowitz, Zvi & Huffman, Gregory W, 1988.
"Investment, Capacity Utilization, and the Real Business Cycle ,"
American Economic Review ,
American Economic Association, vol. 78(3), pages 402-17, June.
[Downloadable!] (restricted)
Mandfield, Edwin, 1989.
"The diffusion of industrial robots in Japan and the United States ,"
Research Policy ,
Elsevier, vol. 18(4), pages 183-192, August.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Lindé, Jesper, 2005.
"The Effects of Permanent Technology Shocks on Labour Productivity and Hours in the RBC Model ,"
CEPR Discussion Papers
4827, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Javier Andrés & Rafael Doménech & Antonio Fatás, 2007.
"The stabilizing role of government size ,"
Banco de España Working Papers
0710, Banco de España.
[Downloadable!]
Other versions:
Rafael Domenech & Javier Andres & Antonio Fatas, 2006.
"The Stabilizing Role of Government Size ,"
Working Papers
0603, International Economics Institute, University of Valencia, revised Jan 2007.
[Downloadable!] Andrés, Javier & Doménech, Rafael & Fatás, Antonio, 2004.
"The Stabilizing Role of Government Size ,"
CEPR Discussion Papers
4384, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Andres, Javier & Domenech, Rafael & Fatas, Antonio, 2008.
"The stabilizing role of government size ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 32(2), pages 571-593, February.
[Downloadable!] (restricted) Julien Matheron & Céline Poilly, 2006.
"How Well Does a Small Structural Model with Sticky Prices and Wages Fit Postwar U.S. Data? ,"
THEMA Working Papers
2006-11, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
[Downloadable!]
Diego Comin & Mark Gertler, 2006.
"Medium-Term Business Cycles ,"
American Economic Review ,
American Economic Association, vol. 96(3), pages 523-551, June.
Other versions:
Comin, D. & Gertler, M., 2003.
"Medium Term Business Cycles ,"
Working Papers
03-05, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Diego Comin & Mark Gertler, 2003.
"Medium Term Business Cycles ,"
NBER Working Papers
10003, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Javier Andrés & Rafael Doménech, 2006.
"Fiscal Rules and Macroeconomic Stability ,"
Hacienda Pública Española ,
IEF, vol. 176(1), pages 9-41, April.
[Downloadable!]
Other versions: Jordi Gali & Pau Rabanal, 2004.
"Technology Shocks and Aggregate Fluctuations: How Well Does the RBS Model Fit Postwar U.S. Data? ,"
NBER Working Papers
10636, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Jaimovich, Nir & Rebelo, Sérgio, 2006.
"Can News About the Future Drive the Business Cycle? ,"
CEPR Discussion Papers
5877, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: James B. Bullard & John Duffy, 2004.
"Learning and structural change in macroeconomic data ,"
Working Papers
2004-016, Federal Reserve Bank of St. Louis.
[Downloadable!]
Lone E. Christiansen, 2008.
"Do Technology Shocks Lead to Productivity Slowdowns? Evidence from Patent Data ,"
IMF Working Papers
08/24, International Monetary Fund.
[Downloadable!]
Access and
download statistics Did you know? You too can volunteer with RePEc.
This page was last updated on 2008-8-11.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .