Factor Demand Linkages, Technology Shocks, and the Business Cycle
利用高度细分的制造业面板数据和结构向量自回归模型，发现考虑部门间要素需求关联后，技术冲击会同时提升总产出和总工时，且技术冲击是经济周期的重要驱动因素。
This paper argues that factor demand linkages can be important for the transmission of both sectoral and aggregate shocks. We show this using a panel of highly disaggregated manufacturing sectors together with sectoral structural VARs. When sectoral interactions are explicitly accounted for, a contemporaneous technology shock to all manufacturing sectors implies a positive response in both output and hours at the aggregate level. Otherwise there is a negative correlation, as in much of the existing literature. Furthermore, we find that technology shocks are important drivers of the business cycle. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.