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Is the Technology-Driven Real Business Cycle Hypothesis Dead?

[PDF] from psu.edu
N Francis… - 2002 - nber.org
In this paper, we re-examine the recent evidence that technology shocks do not produce
business cycle patterns in the data. We first extend Gal¡'s (1999) work, which uses long-run
restrictions to identify technology shocks, by examining whether the identified shocks can ...
Cited by 426 - Related articles - Library Search - BL Direct - All 28 versions

A century of work and leisure

[PDF] from uoregon.edu
VA Ramey… - 2006 - nber.org
Has leisure increased over the last century? Standard measures of hours worked suggest
that it has. In this paper, we develop a comprehensive measure of non-leisure hours that
includes market work, home production, commuting and schooling for the last 105 years. ...
Cited by 97 - Related articles - Library Search - BL Direct - All 47 versions

Measures of per Capita Hours and Their Implications for the Technology‐Hours Debate

[PDF] from ucsd.edu
Full text - MIT Libraries
N Francis… - Journal of Money, Credit and Banking, 2009 - Wiley Online Library
Structural vector autoregressions give conflicting results on the effects of technology shocks
on hours. The results depend crucially on the assumed data generating process for hours
per capita. We show that the standard measure of hours per capita and productivity have ...
Cited by 91 - Related articles - Library Search - BL Direct - All 26 versions

[PDF] The Source of Historical Economic Fluctuations: An analysis using long-run restrictions

[PDF] from nber.org
N Francis… - NBER International Seminar on Macroeconomics …, 2006 - nber.org
There has been a recent surge in the number of papers studying real business cycles and
the role that technology shocks plays in generating cyclical movements in macroeconomic
data. Such renewed interest in technology-driven business cycles has been fueled by the ...
Cited by 69 - Related articles - View as HTML - Library Search - BL Direct - All 28 versions

The use of long-run restrictions for the identification of technology shocks

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N Francis, MT Owyang… - Working Paper …, 2003 - research.stlouisfed.org
We survey the recent empirical literature using long run restrictions to identify technology
shocks. We provide an illustrative walkthrough of the long-run restricted vector
autoregression (VAR) methodology in a bivariate framework. Additionally, we offer an ...
Cited by 38 - Related articles - Get it from MIT Libraries - Library Search - BL Direct - All 16 versions

A century of work and leisure

N Francis… - 2005 Meeting Papers, 2005 - ideas.repec.org
We develop comprehensive measures of time spent in market work, home production,
schooling, and leisure in the United States for the last 106 years. We find that hours of work
for prime age individuals are essentially unchanged, with the rise in women's hours fully ...
Cited by 28 - Related articles - Cached - All 3 versions

A flexible finite-horizon identification of technology shocks

[PDF] from stlouisfed.org
N Francis, MT Owyang, JE Roush… - Working Paper …, 2005 - research.stlouisfed.org
Recent studies using long-run restrictions question the validity of the technology-driven real
business cycle hypothesis. We propose an alternative identification that maximizes the
contribution of technology shocks to the forecast-error variance of labor productivity at a ...
Cited by 25 - Related articles - Get it from MIT Libraries - Library Search - All 27 versions

[CITATION] pIs the Technology% Driven Real Business Cycle Hypothesis Dead

N Francis… - Shocks and aggregate fluctuations revisited. lJournal of …, 2005
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[PDF] A New Measure of Hours Per Capita with Implications for the Technology-Hours Debate

[PDF] from northwestern.edu
N Francis… - Unpublished manuscript, 2004 - faculty.econ.northwestern.edu
Abstract The standard way to measure hours per capita is to divide private hours by the
noninstitutional population aged 16 and over. This measure displays significant low
frequency movements. In this paper, we develop a more sophisticated measure of the ...
Cited by 18 - Related articles - View as HTML - All 3 versions

[PDF] Monetary policy in a Markov-switching vector error-correction model

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Full text - MIT Libraries
N Francis… - Journal of Business and Economic Statistics, 2005 - ASA
Monetary policy vector autoregressions (VARs) typically presume stability of the long-run
outcomes. We introduce the possibility of switches in the long-run equilibrium in a
cointegrated VAR by allowing both the covariance matrix and weighting matrix in the error ...
Cited by 11 - Related articles - View as HTML - BL Direct - All 8 versions

What explains the varying monetary response to technology shocks in G-7 countries?

[PDF] from stlouisfed.org
N Francis, M Owyang… - FRB of St. Louis Working …, 2004 - papers.ssrn.com
Abstract: In a recent paper, Gali, Lopez-Salido, and Valles (2003) examined the Federal
Reserve's response to VAR-identified technology shocks. They found that during the Martin-
Burns-Miller era, the Fed responded to technology shocks by overstabilizing output, while ...
Cited by 10 - Related articles - Library Search - All 21 versions

[CITATION] A flexible, finite $ horizon identification of technology shocks. Federal Reserve Bank of St

N Francis, MT Owyang… - 2005 - Louis working paper
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Monetary policy in a Markov-switching VECM: implications for the cost of disinflation and the price puzzle

[PDF] from stlouisfed.org
N Francis… - Working Paper Series, 2003 - research.stlouisfed.org
Monetary policy VARs typically presume stability of the long-run outcomes. We introduce the
possibility of switches in the long-run equilibrium in a cointegrated VAR by allowing both the
covariance matrix and weighting matrix in the error-correction term to switch. We find that ...
Cited by 5 - Related articles - Get it from MIT Libraries - All 14 versions

A flexible finite-horizon alternative to long-run restrictions with an application to technology shocks

[PDF] from stlouisfed.org
N Francis, MT Owyang, JE Roush… - Federal Reserve Bank of …, 2005 - papers.ssrn.com
Abstract: Recent studies using long-run restrictions question the validity of the technology-
driven real business cycle hypothesis. We propose an alternative identification that
maximizes the contribution of technology shocks to the forecast-error variance of labor ...
Cited by 4 - Related articles - All 12 versions

[CITATION] Sectoral technology shocks revisited

N Francis - Lehigh University mimeograph, 2001
Cited by 4 - Related articles

[CITATION] kA Flexible Finite Horizon Identification of Technology Shocks. lWorking paper, Federal Reserve Bank of St

N Francis, M Owyang… - 2007 - Louis
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The local effects of monetary policy

[PDF] from stlouisfed.org
N Francis, M Owyang… - 2009 - papers.ssrn.com
Abstract: Many studies have documented disparities in the regional responses to monetary
policy shocks. However, because of computational issues, the literature has often neglected
the richest level of disaggregation: the city. In this paper, we estimate the city-level ...
Cited by 3 - Related articles - All 22 versions

[CITATION] A New Measure of Hours Per Capita

N Francis… - Manuscript, November, 2004
Cited by 3 - Related articles

Information-consistent learning and shifts in long-run productivity

Full text - MIT Libraries
HB Fout… - Economics Letters, 2011 - Elsevier
Recent macroeconomic research has incorporated learning in an inconsistent manner by
assuming agents learn with less information than they use in optimization.
Cited by 2 - Related articles - All 4 versions

[CITATION] Monetary policy in a Markov-switching VECM: Implications for the cost of disinflation and the price puzzle. Federal Reserve Bank of St

N Francis… - 2003 - Louis Working Paper no. 2003-001C
Cited by 2 - Related articles

[CITATION] The Low-Frequency Impact of Daily Monetary Policy Shocks, Federal Reserve Bank of St

N Francis, E Ghysels… - 2011 - … 2011-009B, Available at SSRN: http: …
Cited by 2 - Related articles

[CITATION] Forthcoming.“Is the Technology-Driven Real Business Cycle Hypothesis Dead? Shocks and Aggregate Fluctuations Revisited.”

N Francis… - Journal of Monetary Economics
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[CITATION] VIs the Technology% Driven Real Business Cycle Hy% pothesis Dead? Shocks and Aggregate Fluctuations Revisited. V University of California at San …

N Francis… - Economics Working Paper Series, 2002
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[CITATION] 0Is the Technology5Driven Real Business Cycle Hypothesis Dead? Shocks and Aggregate Fluctuations Revisited1, University of California

N Francis… - 2004 - San Diego, mimeo, forthM coming …
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[CITATION] lWhat Explains the Varying Monetary Response to Technology Shocks in G&7 Countries?, mFederal Reserve Bank of St

N Francis, MT Owyang… - 2004 - Louis, Working Paper
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[CITATION] King George's own central India horse

WA Watson… - 1930 - W. Blackwood & Sons
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[PDF] Is The Technology-Driven Real Business Cycle Hypothesis Dead? Shocks and Aggregate Fluctuations Revisted

[PDF] from escholarship.org
VA Ramey… - 2002 - escholarship.org
Abstract In this paper, we re-examine the recent evidence that technology shocks do not
produce business cycle patterns in the data. We first extend Galí's (1999) work, which uses
long-run restrictions to identify technology shocks, by examining whether the identified ...
Cited by 1 - Related articles - View as HTML - All 9 versions

The low-frequency impact of daily monetary policy shocks

[PDF] from stlouisfed.org
N Francis, E Ghysels… - 2011 - papers.ssrn.com
Abstract: With rare exception, studies of monetary policy tend to neglect the timing of the
innovations to the monetary policy instrument. Models which do take timing seriously are
often difficult to compare to standard VAR models of monetary policy because of the ...
Cited by 2 - Related articles - All 19 versions

[CITATION] The Christian and Catholike Veritie; Or, The Reasons and Manner of the Conversion of Francis de Neville;[: Formerly a Capuchin, Preacher, the Popes …

F de Neville… - TP and MS
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The International Finance Discussion Papers logo links to the International Finance Discussion Papers home page A Flexible Finite-Horizon Identification of …

N Francis, MT Owyang… - federalreserve.gov
Abstract: Recent empirical studies using infinite horizon long-run restrictions question the
validity of the technology-driven real business cycle hypothesis. These results have met with
their own controversy, stemming from their sensitivity to changes in model specification ...
Cached - All 3 versions

Forecasting Business Cycles Using Deviations from Long-Run Economic Relationships

Full text - MIT Libraries
CWJ Granger, R Yau… - Macroeconomic …, 2003 - Cambridge Univ Press
We introduce a new index that explores the linkage between business-cycle fluctuations and
deviations from long-run economic relationships. This index is virtually a measure of the
distance between an attractor, a space spanned by the associated cointegrating vectors, ...
Related articles - BL Direct - All 9 versions

[CITATION] Nber International Seminar on Macroeconomics 2004: The Source of Historical Economic Fluctuations: An Analysis Using Long-Run Restrictions

N Francis… - 2011 - papers.ssrn.com
There has been a recent surge in the number of papers studying real business cycles and
the role that technology shocks plays in generating cyclical movements in macroeconomic
data. Such renewed interest in technology-driven business cycles has been fueled by the ...

[CITATION] Essays on human capital and technology shocks

NR Francis - 2001 - en.scientificcommons.org
Publikationsansicht. 56206974. Essays on human capital and technology shocks / (2001).
Francis, Neville. Abstract. Thesis (Ph. D.)--University of California, San Diego, 2001.. Vita.
Includes bibliographical references. Details der Publikation. ...
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A Flexible Finite-Horizon Identification of Technology Shocks

J Roush, N Francis… - … Paper No. 832, FRB Bank of St. …, 2007 - papers.ssrn.com
Abstract: Recent studies using long-run restrictions question the validity of the technology
driven real business cycle hypothesis. We propose an alternative identification that
maximizes the contribution of technology shocks to the forecast-error variance of labor ...
Related articles

[CITATION] PUBLIC LANDS COMMITTEE

SR Porter, A Alaska, F Neville… - … oil & gas …, 1990 - Interstate Oil Compact Commission

[CITATION] Thoughts on Universal Salvation: In a Letter to the Rev. John Murray

F Neville… - 1816

What Explains the Varying Monetary Response to Technology SHocks in G7-Countries

AT Theodorou, NR Francis… - Econometric Society 2004 …, 2004 - ideas.repec.org
... "What Explains the Varying Monetary Response to Technology Shocks in G-7 Countries?," MPRA
Paper 834, University Library of Munich, Germany. Neville Francis & Michael T. Owyang & Athena
T. Theodorou, 2005. ... Neville Francis & Valerie A. Ramey, 2006. ...
Cached - All 4 versions

[CITATION] The Convertion of Francis de Neville, the Popes Missionary and Capvchin Preacher: Vvherein Many Secrets of the Romish Clergy are Revealed: with a …

F de Neville… - Printed for HB
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[CITATION] BOOKS READ EVERY YEAR

F NEVILLE - Notes and Queries, 1940 - Oxford University Press
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[CITATION] PRESERVATION OF DIARIES

F NEVILLE - Notes and Queries, 1940 - Oxford University Press
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