Technology, Growth and the Business Cycle

Jean Imbs

Cahiers de Recherches Economiques du Département d'économie from Université de Lausanne, Faculté des HEC, Département d’économie

Abstract: Using a partial equilibrium model that allows for factor hoarding, I construct series on input utilization rates for ten OECD countries. These series are used in growth accounting computations of total factor productivity which filter out cyclical variations in input utilization rates. The main findings are as follows: (i) adjusted Solow residuals grow consistently faster than standard measures, (ii) the variability of the adjusted Solow residual is in some cases smaller than the standard residual's, (iii) adjusted Solow residuals are less procyclical than standard residuals, and fare better at usual exogeneity tests, (iv) supply shocks are no more symetric between European countries than elsewhere, (v) observed increased output symmetry in Europe is due to demand factors.

Keywords: Solow residuals; factor hoarding; international business cycle (search for similar items in EconPapers)
JEL-codes: E32 F41 O47 (search for similar items in EconPapers)
Pages: 15 pages
Date: 1998-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published in Journal of Monetary Economics, vol. 44 (1), August 1999, pp. 65-80

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Related works:
Journal Article: Technology, growth and the business cycle (1999)
Working Paper: Technology, Growth and the Business Cycle (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:lau:crdeep:9821

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