TECHNOLOGY SHOCKS AND HOURS WORKED: A FRACTIONAL INTEGRATION PERSPECTIVE

Luis Gil-Alana and Antonio Moreno ()

Macroeconomic Dynamics, 2009, vol. 13, issue 5, 580-604

Abstract: Previous research has found that the dynamic response of hours worked to a technology shock crucially depends on whether the hours variable is assumed to be an I(0) or an I(1) variable ex ante. In this paper we employ a multivariate fractionally integrated model that allows us to simultaneously estimate the order of integration of hours worked and its dynamic response to a technology shock. Our evidence lends support to the hypothesis that hours fall in response to a positive technology shock.

Date: 2009
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Working Paper: Technology Shocks and Hours Worked: A Fractional Integration Perspective (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:13:y:2009:i:05:p:580-604_08

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