Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle
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.
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- Athena T. Theodorou & Neville R. Francis & Michael T. Owyang, 2004.
"What Explains the Varying Monetary Response to Technology SHocks in G7-Countries,"
Econometric Society 2004 North American Summer Meetings
444, Econometric Society.
- Neville R. Francis & Michael T. Owyang & Athena T. Theodorou, 2005. "What Explains the Varying Monetary Response to Technology Shocks in G-7 Countries?," International Journal of Central Banking, International Journal of Central Banking, vol. 1(3), pages -, December.
- Neville Francis & Michael T. Owyang & Athena T. Theodorou, 2005. "What explains the varying monetary response to technology shocks in G-7 countries?," Working Papers 2004-002, Federal Reserve Bank of St. Louis.
- Francis, Neville R & Owyang, Michael T & Theodorou, Athena T, 2005. "What Explains the Varying Monetary Response to Technology Shocks in G-7 Countries?," MPRA Paper 834, University Library of Munich, Germany.
- Whelan, Karl T., 2009.
"Technology shocks and hours worked: Checking for robust conclusions,"
Journal of Macroeconomics,
Elsevier, vol. 31(2), pages 231-239, June.
- Whelan, Karl, 2004. "Technology Shocks and Hours Worked: Checking for Robust Conclusions," Research Technical Papers 6/RT/04, Central Bank of Ireland.
- Whelan, Karl, 2006. "Technology Shocks and Hours Worked: Checking for Robust Conclusions," MPRA Paper 5911, University Library of Munich, Germany.
- Karl Whelan, 2004. "Technology shocks and hours worked : checking for robust conclusions," Open Access publications 10197/226, School of Economics, University College Dublin.
- Christopher J. Erceg & Luca Guerrieri & Christopher J. Gust, 2004.
"Can long-run restrictions identify technology shocks?,"
International Finance Discussion Papers
792, Board of Governors of the Federal Reserve System (U.S.).
- Christopher J. Erceg & Luca Guerrieri & Christopher Gust, 2005. "Can Long-Run Restrictions Identify Technology Shocks?," Journal of the European Economic Association, MIT Press, vol. 3(6), pages 1237-1278, December.
- Christopher J. Erceg & Luca Guerrieri, 2004. "Can Long-Run Restrictions Identify Technology Shocks?," Computing in Economics and Finance 2004 3, Society for Computational Economics.
- Jordi Galí & Pau Rabanal, 2005. "Technology Shocks and Aggregate Fluctuations: How Well Does the Real Business Cycle Model Fit Postwar U.S. Data?," NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 225-318 National Bureau of Economic Research, Inc.
- Lawrence J. Christiano & Martin Eichenbaum & Robert Vigfusson, 2003.
"What Happens After a Technology Shock?,"
NBER Working Papers
9819, National Bureau of Economic Research, Inc.
- Whelan, Karl, 2004.
"New Evidence on Balanced Growth, Stochastic Trends, and Economic Fluctations,"
Research Technical Papers
7/RT/04, Central Bank of Ireland.
- Karl Whelan, 2004. "New evidence on balanced growth, stochastic trends, and economic fluctuations," Open Access publications 10197/218, School of Economics, University College Dublin.
- Whelan, Karl, 2006. "New Evidence on Balanced Growth, Stochastic Trends, and Economic Fluctuations," MPRA Paper 5910, University Library of Munich, Germany.
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