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Salaire réel, chocs technologiques et fluctuations économiques

Dominique Tremblay

Staff Working Papers from Bank of Canada

Abstract: The author presents empirical evidence that he has obtained from an analysis of the response of different economic variables, including the real wage rate, to a technology shock. He replicates Galí’s (1999) bivariate model and compares dynamic impulse responses and conditional correlations with evidence provided by the vectorerror-correction model that was identified using the King, Plosser, Stock, and Watson (1991) procedure. To calculate confidence intervals, the author uses Kilian’s (1998) bootstrap-after-bootstrap method. The empirical evidence suggests that it is not possible to reject a procyclical real wage in response to a technology shock. Therefore, real-business-cycle models cannot be rejected based on their conditional predictions of the labour - market dynamics in favour of other types of models.

Keywords: Economic Models; Business Fluctuations and Cycles (search for similar items in EconPapers)
JEL-codes: C32 E24 E32 (search for similar items in EconPapers)
Pages: 70 pages
Date: 2002
New Economics Papers: this item is included in nep-lab and nep-mac
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