چسبندگی قیمت و اثر انقباضی شوک فن آوری
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|50852||2005||27 صفحه PDF||سفارش دهید||13000 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : European Economic Review, Volume 49, Issue 5, July 2005, Pages 1137–1163
We derive a measure of technological change from a dynamic cost minimization model that controls for imperfect competition, increasing returns and unobserved factor utilization. We estimate this measure using highly detailed panel data of a representative sample of Italian manufacturing firms for the period 1984–1997. Our key finding is that technological improvements result in a contraction of labor input on impact. In principle, this result can be reconciled with the transmission mechanism of flexible-price models by resorting to reorganization and reallocation effects. On the other hand, however, it is consistent with the predictions of a sticky-price model. Using survey information on the frequency of price revisions, we corroborate the latter interpretation, by showing that the contractionary effect of technology shocks is much stronger for firms with stickier prices.