European Parliament Library

Long-Run Productivity Shifts and Cyclical Fluctuations :, Evidence for Italy, Silvia Sgherri

Abstract
Using unobserved stochastic components and Kalman filter techniques, the paper assesses the relative importance of transitory and permanent shifts in Italian real GDP within a production function framework. Evidence suggests that the increase in hours worked that has accompanied pension and labor market reforms accounts for the bulk of low-frequency variation in growth, but points to factor utilization as the main driver of business cycle fluctuations. In contrast with the predictions of standard Real Business Cycle models, a positive shock to the underlying rate of total factor productivity growth generates a slight decline in hours, whereas the response of output to the same shock is found to be positive
Table Of Contents
""Contents""; ""I. INTRODUCTION""; ""II. THE PUZZLE: WHAT�S BEHIND THE 1990S PRODUCTIVITY SLOWDOWN?""; ""III. THE PIECES: THE USE OF UNOBSERVED COMPONENTS FOR GROWTH ACCOUNTING""; ""IV. CONCLUDING REMARKS""; ""References""
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (37 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781283516235

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