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Salaire réel, chocs technologiques et fluctuations économiques

  • 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 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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    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 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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