Effetti di persistenza in un modello disaggregato del prodotto in Italia

M. Centoni & R. Zelli
This paper builds on recent works dealing with the measurement of the long-run response of output to system-wide shocks at a multisectoral level. The analysis is carried out at aggregate and sectoral level using a vector autoregression framework on Italian value added annual data from 1952 to 1997, disaggregated by eight sectors. The persistence is measured under models that impose simultaneously short-run common feature and long-run cointegration restrictions. Further, the paper examines the time profile...