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Salaire réel, chocs technologiques et fluctuations économiques

Listed author(s):
  • Dominique Tremblay
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    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 Galí’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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    File URL: http://www.bankofcanada.ca/wp-content/uploads/2010/02/wp02-42.pdf
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    Paper provided by Bank of Canada in its series Staff Working Papers with number 02-42.

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    Length: 70 pages
    Date of creation: 2002
    Handle: RePEc:bca:bocawp:02-42
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    6. Lucas, Robert E, Jr, 1973. "Some International Evidence on Output-Inflation Tradeoffs," American Economic Review, American Economic Association, vol. 63(3), pages 326-334, June.
    7. 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 363-389, November.
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    11. Kwiatkowski, Denis & Phillips, Peter C. B. & Schmidt, Peter & Shin, Yongcheol, 1992. "Testing the null hypothesis of stationarity against the alternative of a unit root : How sure are we that economic time series have a unit root?," Journal of Econometrics, Elsevier, vol. 54(1-3), pages 159-178.
    12. Lutz Kilian, 1998. "Small-Sample Confidence Intervals For Impulse Response Functions," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 218-230, May.
    13. King, Robert G. & Plosser, Charles I. & Stock, James H. & Watson, Mark W., 1991. "Stochastic Trends and Economic Fluctuations," American Economic Review, American Economic Association, vol. 81(4), pages 819-840, September.
    14. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
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    20. Katharine G. Abraham & John C. Haltiwanger, 1995. "Real Wages and the Business Cycle," Journal of Economic Literature, American Economic Association, vol. 33(3), pages 1215-1264, September.
    21. Keane, Michael & Moffitt, Robert & Runkle, David, 1988. "Real Wages over the Business Cycle: Estimating the Impact of Heterogeneity with Micro Data," Journal of Political Economy, University of Chicago Press, vol. 96(6), pages 1232-1266, December.
    22. Fairise, Xavier & Langot, Francois, 1994. "Labor productivity and the business cycle: Can R.B.C. models be saved?," European Economic Review, Elsevier, vol. 38(8), pages 1581-1594, October.
    23. Neftci, Salih N, 1978. "A Time-Series Analysis of the Real Wages-Employment Relationship," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages 281-291, April.
    24. 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 1387-1393, December.
    25. Chirinko, Robert S, 1980. "The Real Wage Rate over the Business Cycle," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 459-461, August.
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    27. Charles A. Fleischman, 1999. "The causes of business cycles and the cyclicality of real wages," Finance and Economics Discussion Series 1999-53, Board of Governors of the Federal Reserve System (U.S.).
    28. Geary, Patrick T & Kennan, John, 1982. "The Employment-Real Wage Relationship: An International Study," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 854-871, August.
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