The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology

16 Pages Posted: 25 Jan 2004

See all articles by Lawrence J. Christiano

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)

Martin Eichenbaum

Northwestern University; National Bureau of Economic Research (NBER)

Robert J. Vigfusson

Board of Governors of the Federal Reserve System

Multiple version iconThere are 2 versions of this paper

Date Written: December 2003

Abstract

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.

Keywords: Productivity, long-run identifying assumption, Granger-causality

JEL Classification: E24, E32, O3

Suggested Citation

Christiano, Lawrence J. and Eichenbaum, Martin and Vigfusson, Robert John, The Response of Hours to a Technology Shock: Evidence Based on Direct Measures of Technology (December 2003). Available at SSRN: https://ssrn.com/abstract=488903 or http://dx.doi.org/10.2139/ssrn.488903

Lawrence J. Christiano

Northwestern University ( email )

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Martin Eichenbaum

Northwestern University ( email )

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National Bureau of Economic Research (NBER)

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Robert John Vigfusson (Contact Author)

Board of Governors of the Federal Reserve System ( email )

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