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

Fabio Canova, David Lopez-Salido and Claudio Michelacci ()

Journal of Applied Econometrics, 2010, vol. 25, issue 5, 755-773

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. 'News shocks' are uncorrelated with the estimated technology shocks. Copyright © 2009 John Wiley & Sons, Ltd.

Date: 2010
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Working Paper: The Effects of Technology Shocks on Hours and Output: A Robustness Analysis (2008)
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DOI: 10.1002/jae.1090

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