Vincenzo Atella (CEIS & Dipartimento SEFEMEQ - Università di Roma "Tor Vergata") Marco Centoni (Dipartimento SEGES - Università del Molise) Gianluca Cubadda (Dipartimento SEFEMEQ - Università di Roma "Tor Vergata")
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This paper contributes to the literature on the role of technology shocks as source of the business cycle in two ways. First, we document that time-series of US productivity and hours are apparently affected by a structural break in the late 60’s, which is likely due to a major change in the monetary policy. Second, we show that the importance of demand shocks over the business cycle has sharply increased after the break.
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Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number
105.
Length: Date of creation: 17 Oct 2007 Date of revision: Handle: RePEc:rtv:ceisrp:105
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