Year: 2003
Type: report
Abstract: We provide empirical evidence that a positive shock to technology drives per capita hours worked, consumption, investment, average productivity and output up.This evidence contrasts sharply with the results reported in a large and growing literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock.We argue that the difference in results primarily reflects specification error in the way that the literature models the low-frequency component of hours worked.
DOI: 10.3386/w9819
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2117360332