Dallas Fed paper looks at impact of tech shocks
Researchers exploit forecast data for “more precise” identification of technology shocks
Anticipated future technology shocks are a major source of fluctuations in US output growth, a paper published by the Federal Reserve Bank of Dallas finds.
In the paper, Yasuo Hirose and Takushi Kurozumi explore how anticipated future technology shocks impact the business cycle.
As well as using current data, they incorporate forecasting data on output growth, inflation and the interest rates. “This strategy can help identify news shocks with different anticipation horizons more precisely,”
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