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Salaire réel, chocs technologiques et fluctuations économiques

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  • Dominique Tremblay
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    Abstract

    The author presents empirical evidence that he has obtained from an analysis of the response of different economic variables, including the real wage rate, to a technology shock. He replicates Gal�’s (1999) bivariate model and compares dynamic impulse responses and conditional correlations with evidence provided by the vectorerror-correction model that was identified using the King, Plosser, Stock, and Watson (1991) procedure. To calculate confidence intervals, the author uses Kilian’s (1998) bootstrap-after-bootstrap method. The empirical evidence suggests that it is not possible to reject a procyclical real wage in response to a technology shock. Therefore, real-business-cycle models cannot be rejected based on their conditional predictions of the labour - market dynamics in favour of other types of models.

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    Bibliographic Info

    Paper provided by Bank of Canada in its series Working Papers with number 02-42.

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    Length: 70 pages
    Date of creation: 2002
    Date of revision:
    Handle: RePEc:bca:bocawp:02-42

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    Keywords: Economic Models; Business Fluctuations and Cycles;

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    2. Solon, Gary & Barsky, Robert & Parker, Jonathan A, 1994. "Measuring the Cyclicality of Real Wages: How Important Is Composition Bias?," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 1-25, February.
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    22. Neville Francis & Valerie A. Ramey, 2002. "Is the Technology-Driven Real Business Cycle Hypothesis Dead?," NBER Working Papers 8726, National Bureau of Economic Research, Inc.
    23. Mocan, H Naci & Topyan, Kudret, 1993. "Real Wages over the Business Cycle: Evidence from a Structural Time Series Model," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(4), pages 363-89, November.
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