{
  "title": "Long-Run Productivity Shifts and Cyclical Fluctuations: Evidence for Italy",
  "publication": "IMF Working Papers, December 1, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/long-run-productivity-shifts-and-cyclical-fluctuations-evidence-for-italy-18571",
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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.",
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      "heading": "Methodology",
      "content": "- Uses unobserved stochastic components and Kalman filter techniques.\n- Analysis conducted within a production function framework."
    },
    {
      "heading": "Key findings",
      "content": "- \"The increase in hours worked that has accompanied pension and labor market reforms accounts for the bulk of low-frequency variation in growth.\"\n- \"Factor utilization\" is identified as the main driver of business cycle fluctuations.\n- \"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.\"\n\n---\n\n Content in this bundle\n\n- wp05228\n  - wp05228 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp05228 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/long-run-productivity-shifts-and-cyclical-fluctuations-evidence-for-italy-18571"
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    "Authors: Silvia Sgherri",
    "Published: December 1, 2005",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451862478.001",
    "Uses unobserved stochastic components and Kalman filter techniques.",
    "Analysis conducted within a production function framework.",
    "\"The increase in hours worked that has accompanied pension and labor market reforms accounts for the bulk of low-frequency variation in growth.\"",
    "\"Factor utilization\" is identified 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.\"",
    "**_wp05228**"
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