Short run comovement, persistent shocks and the business cycle

Research output: Journal contributionsJournal articlesResearchpeer-review

Authors

Following standard real business cycle theory, long run economic growth and short run business cycle fluctuations are attributed to a series of productivity shocks propagated by the economic system which is assumed to be in a rational expectations equilibrium. Characterizing the technical progress as the common stochastic trend we are able to investigate the short and long run effects of the productivity shocks using a cointegrated system. From the empirical analysis it emerges that the long run relationship between the system variables can be traced back to a single permanent component which is interpreted as a measure of technological progress. The short run dynamic impact of the permanent innovations is investigated using the empirical impulse response functions. It turns out that the permanent shocks are able to explain a substantial portion of business cycle fluctuations.
Translated title of the contributionEine empirische Analyse der Wirkung kurz- und langfristiger Schocks im Konjunkturzyklus
Original languageEnglish
JournalJahrbücher für Nationalökonomie und Statistik
Volume217
Issue number4
Pages (from-to)436-448
Number of pages13
ISSN0021-4027
DOIs
Publication statusPublished - 01.08.1998
Externally publishedYes

Bibliographical note

This version of the paper benefits from a number of helpful suggestions of
Olaf Hübler, Mark Watson, Jürgen Wolters and the seminar participants of the Free University of Berlin, the University of Limburg, Maastricht and the C.O.R.E, Louvain-La-Neuve. Moreover, the helpful comments and suggestions of an anonymous referee are gratefully acknowledged. All remaining errors are of course our own.

Links

DOI

Recently viewed

Publications

  1. Complex predicates in German resultative constructions
  2. Wavlet analysis for rotor fault diagnosis with rub-impact of rotor systems
  3. Implementation of a balanced scorecard for hybrid business models
  4. New descriptions and typifications of syntaxa within the project 'Plant communities of Mecklenburg-Vorpommern and their vulnerability' - Part II
  5. Citizen relationship management
  6. The sociologial discourse on "modernization" and "modernity"
  7. Recontextualizing context
  8. Friction riveting of 3D printed polyamide 6 with AA 6056-T6
  9. Introduction: Converging the Yet-Separate Theoretical Discourses of Testimony Studies
  10. CAN BUSINESS MODEL COMPONENTS EXPLAIN DIGITAL START-UP SUCCESS?
  11. Valorization of industrial waste and by-product streams via fermentation for the production of chemicals and biopolymers
  12. Effects of pesticides on community structure and ecosystem functions in agricultural streams of three biogeographical regions in Europe
  13. Das Simulationsexperiment
  14. Social Bots as algorithmic pirates and messengers of techno-environmental agency
  15. The Break In and With History
  16. Information rigidities, inflation perceptions, and the media
  17. Äpfel mit Birnen vergleichen
  18. Diversity and spatio-temporal dynamics of dead wood in a temperate near-natural beech forest (Fagus sylvatica)
  19. Internet- and mobile-based stress management for employees with adherence-focused guidance
  20. Pragmatics and the English Language, Jonathan Culpeper, Michael Haugh. Palgrave Macmillan, Basingstoke (2014), 316 pp., ISBN: 9780230551732
  21. Joint proceedings of RSP 2017 and QuWeDa 2017
  22. Anti-Fascist Exile, Political Print Media, and the Variable Tactics of the Communists in Mexico (1939–1946)
  23. Nutrient leaching in dry heathland ecosystems
  24. Utilization of organic residues using heterotrophic microalgae and insects
  25. National ecosystem restoration pledges are mismatched with social-ecological enabling conditions
  26. Examiner experience moderates reliability of human lower extremity muscle ultrasound measurement – a double blinded measurement error study
  27. IWRM through WFD implementation? Drivers for integration in polycentric water governance systems
  28. Organisation
  29. Soziale und kulturelle Differenz
  30. Exploring Difficult History Lessons, Identity Construction, the Artistic Expansion of Sitcom Storytelling Tools in the Black-ish Episode, "Juneteenth"
  31. One for all, all for one
  32. Is Endurantism really more plausible than Perdurantism form a commonsense perspective?
  33. Assessing Collaborative Conservation