Paper #1013

Título:

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

Autores:

Fabio Canova, David López-Salido y Claudio Michelacci

Data:

Noviembre 2006

Resumen:

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.

Palabras clave:

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

Códigos JEL:

E00, J60, O33

Publicado en:

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

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