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Do Technology Shocks Lead to a Fall in Total Hours Worked?

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  • Harald Uhlig

    (Humboldt University Berlin, University of Tilburg, and CEPR,)

Abstract

This paper contributes to the debate initiated by Galí in 1999. I provide a theory with capital income taxation, labor hoarding as well as long-run shifts in the social attitudes to the workplace-modelled as "leisure at the workplace"-to argue that there are other shocks that may influence labor productivity in the long run. I introduce "medium-run identification" and show it to be superior to long-run identification or standard short-run identification, when applied to artificial data. With U.S. data and medium-run identification, I find the robust result that technology shocks lead to a hump-shaped response of total hours worked, which is mildly positive following a near-zero initial response. (JEL: E32, E24, C32, C15) Copyright (c) 2004 The European Economic Association.

Suggested Citation

  • Harald Uhlig, 2004. "Do Technology Shocks Lead to a Fall in Total Hours Worked?," Journal of the European Economic Association, MIT Press, vol. 2(2-3), pages 361-371, 04/05.
    • Handle: RePEc:tpr:jeurec:v:2:y:2004:i:2-3:p:361-371
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General

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