Central bank research hub - Papers by Cristiano Cantore
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Research hub papers by author Cristiano CantoreenThe dynamics of hours workedand technology
http://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/12/Fich/dt1238e.pdf
Bank of Spain Working Papers by Cristiano Cantore; Filippo Ferroni; Miguel A. León-LedesmaThe dynamics of hours workedand technology2012-11-05T12:37:59ZThe dynamics of hours workedand technologyFull texthttp://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/12/Fich/dt1238e.pdfCristiano CantoreFilippo FerroniMiguel A. León-LedesmaCristiano Cantore; Filippo Ferroni; Miguel A. León-Ledesma2012-11Bank of Spain Working PapersInterpreting the Hours-Technology time-varying relationship
http://www.banque-france.fr/gb/publications/telechar/ner/ner351.pdf
Bank of France Working Papers by Cristiano Cantore, Filippo Ferroni and Miguel A. León-LedesmaInterpreting the Hours-Technology time-varying relationship2011-11-08T06:21:00ZInterpreting the Hours-Technology time-varying relationshipAbstracthttp://www.banque-france.fr/gb/publications/ner/1-351.htmFull texthttp://www.banque-france.fr/gb/publications/telechar/ner/ner351.pdfCristiano CantoreFilippo FerroniMiguel A. León-LedesmaCristiano Cantore, Filippo Ferroni and Miguel A. León-Ledesma2011-11Bank of France Working PapersShocking stuff: technology, hours, and factor substitution
http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1278.pdf
European Central Bank Working papers by Cristiano Cantore, Miguel A. León-Ledesma, Peter McAdam, Alpo WillmanShocking stuff: technology, hours, and factor substitution2010-12-14T12:35:59ZThe reaction of hours worked to technology shocks represents a key controversy between RBC and New Keynesian explanations of the business cycle. It sparked a large empirical literature with contrasting results. We demonstrate that, with a more general and data coherent supply and production framework (¿normalized¿ factor-augmenting CES technology), both models can plausibly generate impacts of either sign. We develop analytical expressions to establish the threshold between positive and negative contemporaneous correlations for both models. These will crucially depend on the factor-augmentation nature of the shock, the elasticity of factor substitution, the capital income share, and the reaction of consumption. The impact of technology on hours can thus hardly be taken as evidence in support of any particular business-cycle model. Our results are also important as: i) we introduce the concept of normalization for DSGE models and, ii) they may help interpret possible time-variation in technology and hours correlations over time.Shocking stuff: technology, hours, and factor substitutionECBFull texthttp://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1278.pdfCristiano CantoreAlpo WillmanPeter McAdamMiguel A. León-LedesmaCristiano Cantore, Miguel A. León-Ledesma, Peter McAdam, Alpo Willman2010-12-14European Central Bank Working Papers