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Identifying Technology Shocks in Models with Heterogeneous Inputs

Author

Listed:
  • Marcus Hagedorn

    (University of Zurich)

  • Iourii Manovskii

    (University of Pennsylvania)

  • Luigi Bocola

    (University of Pennsylvania)

Abstract

We show that the key identifying assumptions underlying the existing approaches to identifying technology shocks in the data are violated in models with heterogeneous capital and labor. We propose a new method to identifying technology shocks in the data in presence of factor heterogeneity and prove its identification. We find that hours respond positively to positive technology shocks identified using the proposed procedure. The identified technology shocks account for a sizable fraction of the business cycle volatility in macroeconomic aggregates.

Suggested Citation

  • Marcus Hagedorn & Iourii Manovskii & Luigi Bocola, 2011. "Identifying Technology Shocks in Models with Heterogeneous Inputs," 2011 Meeting Papers 1393, Society for Economic Dynamics.
    • Handle: RePEc:red:sed011:1393
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    Cited by:

    1. Marcus Hagedorn, 2011. "Comment on "The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the U.S. and Europe"," NBER Chapters, in: NBER International Seminar on Macroeconomics 2011, pages 236-240, National Bureau of Economic Research, Inc.

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