Paper #1013

Títol:

On the robust effects of technology shocks on hours worked and output

Autors:

Fabio Canova, David López-Salido i Claudio Michelacci

Data:

Novembre 2006

Resum:

We analyze the effects of neutral and investment-specific technology shocks on hours and output. Long cycles 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’ are uncorrelated with the estimated technology shocks.

Paraules clau:

Technology disturbances, structural VARs, low frequency movements, news shocks

Codis JEL:

E00, J60, O33

Publicat a:

Journal of Applied Econometrics, forthcoming
Amb el títol:
The Effects of Technology Shocks on Hours and Output: A Robustness Analysis

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