Replication data for: The Relative Importance of Aggregate and Sectoral Shocks and the Changing Nature of Economic Fluctuations
Principal Investigator(s): View help for Principal Investigator(s) Julio Garin; Michael J. Pries; Eric R. Sims
Version: View help for Version V1
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text/plain | 14.6 KB | 12/07/2019 09:18:AM |
Project Citation:
Garin, Julio, Pries, Michael J., and Sims, Eric R. Replication data for: The Relative Importance of Aggregate and Sectoral Shocks and the Changing Nature of Economic Fluctuations. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-07. https://doi.org/10.3886/E116397V1
Project Description
Summary:
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A principal components decomposition of sectoral IP data reveals that the contribution of aggregate shocks to the variance of aggregate output declined from about 70 percent in the period 1967–1983 to about 30 percent after 1983. We develop an "islands" model with two sectors and costly labor reallocation to investigate how this change in the relative importance of shocks alters business cycle moments. A version of the model with relatively more important sectoral shocks results in a sizeable decline in the cyclicality of labor productivity and is consistent with changes in several other business cycle moments observed in the data.
Scope of Project
JEL Classification:
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E13 General Aggregative Models: Neoclassical
E23 Macroeconomics: Production
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
J21 Labor Force and Employment, Size, and Structure
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
E13 General Aggregative Models: Neoclassical
E23 Macroeconomics: Production
E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
E32 Business Fluctuations; Cycles
J21 Labor Force and Employment, Size, and Structure
J24 Human Capital; Skills; Occupational Choice; Labor Productivity
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