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008170411s2017    oncd    ob   f000 0 eng d
040 |aCaOODSP|beng
041 |aeng|bfre
043 |an-cn---
0861 |aFB3-5/2017-11E-PDF
1001 |aWagner, Joel.
24510|aAnticipated technology shocks |h[electronic resource] : |ba re-evaluation using cointegrated technologies / |cby Joel Wagner.
260 |a[Ottawa] : |bBank of Canada, |c2017.
300 |a[ii], 33 p. : |bcharts
4901 |aBank of Canada staff working paper, |x1701-9397 ; |v2017-11
500 |a"April 2017."
504 |aIncludes bibliographical references (p. 20-21).
5203 |a"Two approaches have been taken in the literature to evaluate the relative importance of news shocks as a source of business cycle volatility. The first is an empirical approach that performs a structural vector autoregression to assess the relative importance of news shocks, while the second is a structural-model-based approach. The first approach suggests that anticipated technology shocks are an important source of business cycle volatility; the second finds anticipated technology shocks are incapable of generating any business cycle volatility. This paper challenges the latter conclusion by presenting a structural news shock model adapted to reproduce the cointegrating relationship between total factor productivity and the relative price of investment. With cointegrated neutral and investment-specific technology, anticipated shocks to the common stochastic trend explain approximately 22%, 32%, 34% and 20% of the variance of output, investment, hours and consumption in the United States, respectively, reconciling the discrepancy between theory and data"--Abstract, p. [ii].
546 |aIncludes abstract in French.
69207|2gccst|aTechnological innovation
69207|2gccst|aEconomic analysis
69207|2gccst|aEconomic impact
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2017-11|w(CaOODSP)9.806221
85640|qPDF|s575 KB|uhttps://publications.gc.ca/collections/collection_2017/banque-bank-canada/FB3-5-2017-11-eng.pdf