Trends in hours, balanced growth and the role of technology in the business cycle
Contribuinte(s) |
Universitat Pompeu Fabra. Departament d'Economia i Empresa |
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Data(s) |
15/09/2005
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Resumo |
The present paper revisits a property embedded in most dynamic macroeconomic models: the stationarity of hours worked. First, I argue that, contrary to what is often believed, there are many reasons why hours could be nonstationary in those models, while preserving the property of balanced growth. Second, I show that the postwar evidence for most industrialized economies is clearly at odds with the assumption of stationary hours per capita. Third, I examine the implications of that evidence for the role of technology as a source of economic fluctuations in the G7 countries. |
Identificador | |
Idioma(s) |
eng |
Direitos |
L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons info:eu-repo/semantics/openAccess <a href="http://creativecommons.org/licenses/by-nc-nd/3.0/es/">http://creativecommons.org/licenses/by-nc-nd/3.0/es/</a> |
Palavras-Chave | #Macroeconomics and International Economics #real business cycles #technology shocks #market frictions #balanced growth path #stationarity of hours |
Tipo |
info:eu-repo/semantics/workingPaper |