Technology shocks and hours worked : checking for robust conclusions

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Title: Technology shocks and hours worked : checking for robust conclusions
Authors: Whelan, Karl
Permanent link: http://hdl.handle.net/10197/226
Date: Oct-2004
Abstract: This paper presents some new results on the effects of technology shocks on hours worked based on structural VAR specifications containing various measures of US productivity growth and hours. These specifications can produce different answers depending on which sector of the economy is examined, which transformation of hours worked is used, and on how many lags are chosen for the VAR. However, it is shown that the results from the stochastic trend specification used by Jordi Gali (1999) are robust across changes in data definition and lag length, while the results from the per capita hours specification of Christiano, Eichenbaum, and Vigfusson (2003) are not. These results provide support for Gali's findings that technology shocks have a negative impact effect on hours worked and that these shocks play a limited role in generating the business cycle.
Type of material: Technical Report
Publisher: Central Bank of Ireland
Copyright (published version): 2004 Copyright Central Bank of Ireland
Subject LCSH: Technology--Economic aspects
Hours of labor
Industrial productivity--Mathematical models
Language: en
Status of Item: Not peer reviewed
Appears in Collections:Economics Research Collection

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