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Salaire réel, chocs technologiques et fluctuations économiques

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  • Dominique Tremblay

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 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.

Suggested Citation

  • Dominique Tremblay, 2002. "Salaire réel, chocs technologiques et fluctuations économiques," Staff Working Papers 02-42, Bank of Canada.
    • Handle: RePEc:bca:bocawp:02-42
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    More about this item

    Keywords

    Economic Models; Business Fluctuations and Cycles;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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