In this paper, we analyze the distribution of TFP growth rates at the four-digit sectoral level for the United States. We find that, contrary to the usual assumption employed in the literature on business cycles theory, technological shocks are not normally distributed. Instead, a L´evy-stable distribution with a divergent variance returns a better fit to the data.
Lévy-stable Productivity Shocks / Gaffeo, Edoardo. - In: MACROECONOMIC DYNAMICS. - ISSN 1365-1005. - STAMPA. - 2008:12(2008), pp. 425-443.
Lévy-stable Productivity Shocks
Gaffeo, Edoardo
2008-01-01
Abstract
In this paper, we analyze the distribution of TFP growth rates at the four-digit sectoral level for the United States. We find that, contrary to the usual assumption employed in the literature on business cycles theory, technological shocks are not normally distributed. Instead, a L´evy-stable distribution with a divergent variance returns a better fit to the data.File in questo prodotto:
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