Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle

Jordi Galí

No 11130, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The present paper revisits a property embedded in most dynamic macroeconomic models: the stationarity of hours worked. First, I argue that, contrary to what is often believed, there are many reasons why hours could be nonstationary in those models, while preserving the property of balanced growth. Second, I show that the postwar evidence for most industrialized economies is clearly at odds with the assumption of stationary hours per capita. Third, I examine the implications of that evidence for the role of technology as a source of economic fluctuations in the G7 countries.

JEL-codes: E32 (search for similar items in EconPapers)
Date: 2005-02
New Economics Papers: this item is included in nep-dge and nep-mac
Note: EFG
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Citations: View citations in EconPapers (18)

Published as Gali, Jordi. "Trends In Hours, Balanced Growth, And The Role Of Technology In The Business Cycle," FRB St. Louis - Review, 2005, v87(4,Jul/Aug), 459-486.

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Related works:
Working Paper: Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle (2015)
Journal Article: Trends in hours, balanced growth, and the role of technology in the business cycle (2005)
Working Paper: Trends in Hours, Balanced Growth and the Role of Technology in the Business Cycle (2005)
Working Paper: Trends in hours, balanced growth and the role of technology in the business cycle (2005)
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