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.
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Volume (Year): 13 (2009) Issue (Month): 05 (November) Pages: 580-604 Download reference. The following formats are available: HTML
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