The structural dynamics of US output and inflation: What explains the changes?
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- dc.contributor.author Gambetti, Lucaca
- dc.contributor.author Pappa, Evica
- dc.contributor.author Canova, Fabioca
- 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.date.modified 2017-07-23T02:10:10Z
- 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.format.mimetype application/pdfca
- 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.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.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- 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.title The structural dynamics of US output and inflation: What explains the changes?ca
- dc.type info:eu-repo/semantics/workingPaper