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What Happens after a Technology Shock?Lawrence J. ChristianoNorthwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER) Martin EichenbaumNorthwestern University; National Bureau of Economic Research (NBER) Robert VigfussonFederal Reserve Board - Trade and Quantitative Studies July 2003 NBER Working Paper No. w9819 Abstract: We provide empirical evidence that a positive shock to technology drives per capita hours worked, consumption, investment, average productivity and output up. This evidence contrasts sharply with the results reported in a large and growing literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock. We argue that the difference in results primarily reflects specification error in the way that the literature models the low-frequency component of hours worked.
Number of Pages in PDF File: 54 working papers seriesDate posted: July 5, 2003Suggested CitationContact Information
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