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The effects of technology shocks on hours and output: a robustness analysis

✍ Scribed by Fabio Canova; David Lopez-Salido; Claudio Michelacci

Publisher
John Wiley and Sons
Year
2009
Tongue
English
Weight
197 KB
Volume
25
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

We analyze the effects of neutral and investment‐specific technology shocks on hours and output. Long cycles in hours are removed 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. β€˜News shocks’ are uncorrelated with the estimated technology shocks. Copyright Β© 2009 John Wiley & Sons, Ltd.

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