The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology
Lawrence J. Christiano
Northwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER)
Northwestern University; National Bureau of Economic Research (NBER)
Federal Reserve Board - Trade and Quantitative Studies
FRB International Finance Discussion Paper No. 790
We investigate what happens to hours worked after a positive shock to technology, using the aggregate technology series computed in Basu, Fernald and Kimball (1999). We conclude that hours worked rise after such a shock.
Number of Pages in PDF File: 16
Keywords: Productivity, long-run identifying assumption, Granger-causality
JEL Classification: E24, E32, O3
Date posted: January 25, 2004
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