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|z 9781451862478
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|a 1018-5941
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|a Sgherri, Silvia.
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|a Long-Run Productivity Shifts and Cyclical Fluctuations :
|b Evidence for Italy /
|c Silvia Sgherri.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2005.
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Using unobserved stochastic components and Kalman filter techniques, the paper assesses the relative importance of transitory and permanent shifts in Italian real GDP within a production function framework. Evidence suggests that the increase in hours worked that has accompanied pension and labor market reforms accounts for the bulk of low-frequency variation in growth, but points to factor utilization as the main driver of business cycle fluctuations. In contrast with the predictions of standard Real Business Cycle models, a positive shock to the underlying rate of total factor productivity growth generates a slight decline in hours, whereas the response of output to the same shock is found to be positive.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2005/228
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2005/228/001.2005.issue-228-en.xml
|z IMF e-Library
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