LÉVY-STABLE PRODUCTIVITY SHOCKS

Edoardo Gaffeo

Macroeconomic Dynamics, 2008, vol. 12, issue 3, 425-443

Abstract: In this paper, we analyze the distribution of TFP growth rates at the four-digit sectoral level for the United States. We find that, contrary to the usual assumption employed in the literature on business cycles theory, technological shocks are not normally distributed. Instead, a Lévy-stable distribution with a divergent variance returns a better fit to the data.

Date: 2008
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