On the robust effects of technology shocks on hours worked and output

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

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: We analyze the effects of neutral and investment-specific technology shocks on hours and output. Long cycles in hours are captured 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.

Keywords: Technology disturbances; structural VARs; low frequency movements; news shocks (search for similar items in EconPapers)
JEL-codes: E00 J60 O33 (search for similar items in EconPapers)
Date: 2006-11, Revised 2008-02
New Economics Papers: this item is included in nep-bec, nep-dge and nep-mac
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:1013

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