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The structural dynamics of US output and inflation: What explains the changes?

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dc.contributor.author Gambetti, Luca
dc.contributor.author Pappa, Evi
dc.contributor.author Canova, Fabio
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.accessioned 2017-07-26T10:50:57Z
dc.date.available 2017-07-26T10:50:57Z
dc.date.issued 2005-06-01
dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=921
dc.identifier.citation Journal of Money, Credit and Banking, 40(2-3), 2008, 369-388
dc.identifier.uri http://hdl.handle.net/10230/820
dc.description.abstract We examine the dynamics of US output and inflation using a structural time varying coefficient VAR. We show that there are changes in the volatility of both variables and in the persistence of inflation. Technology shocks explain changes in output volatility, while a combination of technology, demand and monetary shocks explain variations in the persistence and volatility of inflation. We detect changes over time in the transmission of technology shocks and in the variance of technology and of monetary policy shocks. Hours and labor productivity always increase in response to technology shocks.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 921
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title The structural dynamics of US output and inflation: What explains the changes?
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2017-07-23T02:10:10Z
dc.subject.keyword variability
dc.subject.keyword persistence
dc.subject.keyword transmission
dc.subject.keyword structural time varying vars
dc.subject.keyword Macroeconomics and International Economics
dc.rights.accessRights info:eu-repo/semantics/openAccess


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