Do Technology Shocks Drive Hours Up Or Down? A Little Evidence From An Agnostic Procedure

dc.contributor.author	Pesavento, Elena	en_US
dc.contributor.author	Rossi, Barbara	en_US
dc.date.accessioned	2010-06-28T19:00:13Z
dc.date.available	2010-06-28T19:00:13Z
dc.date.issued	2005-09	en_US
dc.identifier.uri	http://hdl.handle.net/10161/2602
dc.description.abstract	This paper analyzes the robustness of the estimate of a positive productivity shock on hours to the presence of a possible unit root in hours. Estimations in levels or in first differences provide opposite conclusions. We rely on an agnostic procedure in which the researcher does not have to choose between a specification in levels or in first differences. We find that a positive productivity shock has a negative effect on hours, as in Francis and Ramey (2001), but the effect is much more short-lived, and disappears after two quarters. The effect becomes positive at business cycle frequencies, as in Christiano et al. (2003).	en_US
dc.format.extent	262898 bytes
dc.format.mimetype	application/pdf
dc.language.iso	en_US
dc.publisher	Macroeconomic Dynamics	en_US
dc.subject	Agnostic procedure	en_US
dc.subject	Impulse response functions	en_US
dc.subject	Persistence	en_US
dc.subject	Real business cycle theory	en_US
dc.subject	Technology shocks	en_US
dc.title	Do Technology Shocks Drive Hours Up Or Down? A Little Evidence From An Agnostic Procedure	en_US
dc.type	Journal Article	en_US
dc.department	Economics