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

Format:

Book

Government document

Author/Creator:

Sgherri, Silvia.

Contributor:

International Monetary Fund. European Department.

Series:

IMF Working Papers; Working Paper ; No. 2005/228

IMF Working Papers

Language:

English

Subjects (All):

Business cycles--Econometric models.

Business cycles.

Gross domestic product--Italy.

Gross domestic product.

Italy--Economic conditions.

Italy.

Physical Description:

1 online resource (37 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2005.

Language Note:

English

Summary:

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.

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""

Notes:

"December 2005."

Includes bibliographical references (p. 31-35).

Description based on print version record.

ISBN:

9786613828682

9781462308453

1462308457

9781452729978

1452729972

9781283516235

1283516233

9781451907834

1451907834