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What Happens After a Technology Shock? / Lawrence J. Christiano, Martin Eichenbaum, Robert Vigfusson.
- Format:
- Book
- Author/Creator:
- Christiano, Lawrence J.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9819.
- NBER working paper series no. w9819
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- 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.
- Notes:
- Print version record
- July 2003.
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