Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152807
Authors: 
Peersman, Gert
Straub, Roland
Year of Publication: 
2004
Series/Report no.: 
ECB Working Paper 373
Abstract: 
This paper provides evidence for the impact of technology, labor supply, monetary policy and aggregate spending shocks on hours worked in the Euro area. The evidence is based on a vector autoregression identi?ed using sign restrictions that are consistent with both sticky price and real business cycle models. In contrast to most of the existing literature for the US, evidence of a positive response of hours to technology shocks is found, which is consistent with the conventional real business cycle interpretation and at odds with sticky price models. In addition, an important role for technology shocks in explaining business cycle ?uctuations is found.
Subjects: 
Real business cycle models
Sticky price models
Technology shocks
vector autoregressions
JEL: 
E32
E24
Document Type: 
Working Paper

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