Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. European Department, issuing body.
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| ISBN: | 1283516233
9781283516235
9781451907834
1451907834
1462308457
9781462308453
1452729972
9781452729978
9786613828682
6613828688
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| Notes: | Includes bibliographical references (pages 31-35).
English.
Print version record.
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| Summary: | 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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| Other form: | Print version: Sgherri, Silvia. Long-run productivity shifts and cyclical fluctuations. [Washington, D.C.] : International Monetary Fund, European Dept., 2005
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