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Title:
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On the robust effects of technology shocks on hours worked and output
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Author:
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Canova, Fabio; Michelacci, Claudio; López-Salido, J. David
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Other authors:
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Universitat Pompeu Fabra. Departament d'Economia i Empresa |
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Resum:
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We analyze the effects of neutral and investment-specific technology shocks on hours worked and output. Low frequency movements 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 and other shocks are uncorrelated with the estimated neutral and investment specific shocks. |
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Publication date:
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2007-04-02 |
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Subject(s):
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Technology disturbances, structural VARs, low frequency movements, news shocks |
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Rights:
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Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/) |
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Document type:
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Working Paper |
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