Abstract

http://ssrn.com/abstract=1002872
 
 

References (27)



 
 

Citations (4)



 


 



On the Robust Effects of Technology Shocks on Hours Worked and Output


Fabio Canova


Universitat Pompeu Fabra - Department of Economics and Business (DEB); European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS); University of Southampton - Division of Economics; Centre for Economic Policy Research (CEPR)

J. David Lopez-Salido


Bank of Spain - Research Department; Centre for Economic Policy Research (CEPR)

Claudio Michelacci


Centre for Monetary and Financial Studies (CEMFI); Centre for Economic Policy Research (CEPR)

November 2006


Abstract:     
We analyze the effects of neutral and investment-specific technology shocks on hours worked and output. Low frequency movements in hours are captured in a variety of ways. Hours robustly fall in response to neutral shocks and robustly increase in response to investment specific shocks. The percentage of the variance of hours (output) explained by neutral shocks is small (large); the opposite is true for investment specific shocks. News shocks and other shocks are uncorrelated with the estimated neutral and investment specific shocks.

Number of Pages in PDF File: 29

Keywords: Technology disturbances, structural VARs, low frequency movements, news shocks

JEL Classification: E00, J60, O33

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Date posted: July 25, 2007  

Suggested Citation

Canova, Fabio and Lopez-Salido, J. David and Michelacci, Claudio, On the Robust Effects of Technology Shocks on Hours Worked and Output (November 2006). Available at SSRN: http://ssrn.com/abstract=1002872 or http://dx.doi.org/10.2139/ssrn.1002872

Contact Information

Fabio Canova (Contact Author)
Universitat Pompeu Fabra - Department of Economics and Business (DEB) ( email )
Barcelona, 08005
Spain
European University Institute - Robert Schuman Centre for Advanced Studies (RSCAS) ( email )
Via dei Roccettini 9
via delle Fontanelle 10
50016 San Domenico di Fiesole, Florence 50014
Italy
University of Southampton - Division of Economics
Southampton, SO17 1BJ
United Kingdom
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
J. David Lopez-Salido
Bank of Spain - Research Department ( email )
Alcala 50
28014 Madrid
Spain
+34 91 338 5731 (Phone)
+34 91 338 5678 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Claudio Michelacci
Centre for Monetary and Financial Studies (CEMFI) ( email )
Casado del Alisal 5
28014 Madrid
Spain
+34 91 4290 551 (Phone)
+34 91 4291 056 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
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References:  27
Citations:  4

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