Do technology shocks drive hours up or down? A little evidence from an agnostic procedure
Data(s) |
01/09/2005
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Formato |
478 - 488 application/pdf |
Identificador |
Macroeconomic Dynamics, 2005, 9 (4), pp. 478 - 488 1365-1005 http://hdl.handle.net/10161/2602 1469-8056 |
Idioma(s) |
en_US |
Relação |
Macroeconomic Dynamics 10.1017/S1365100505040356 |
Palavras-Chave | #technology shocks #positive productivity #hours worked |
Tipo |
Journal Article |
Resumo |
This paper analyzes the robustness of the estimate of a positive productivity shock on hours to the presence of a possible unit root in hours. Estimations in levels or in first differences provide opposite conclusions. We rely on an agnostic procedure in which the researcher does not have to choose between a specification in levels or in first differences. We find that a positive productivity shock has a negative impact effect on hours, but the effect is much shorter lived, and disappears after two quarters. The effect becomes positive at business-cycle frequencies, although it is not significant. © 2005 Cambridge University Press. |