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On the Robust Effects of Technology Shocks on Hours Worked and OutputFabio CanovaUniversitat Pompeu Fabra - Department of Economics and Business (DEB); University of Southampton - Division of Economics; Centre for Economic Policy Research (CEPR) J. David Lopez-SalidoBank of Spain - Research Department; Centre for Economic Policy Research (CEPR) Claudio MichelacciCentre 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 working papers seriesDate posted: July 25, 2007Suggested CitationContact Information
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