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Lawrence J. Christiano, Martin Eichenbaum, Robert Vigfusson
NBER Working Paper No. 9819
Issued in July 2003
NBER Program(s): EFG
LS
---- Abstract -----
We provide empirical evidence that a positive shock to technology drives per capita hours worked, consumption, investment, average productivity and output up. This evidence contrasts sharply with the results reported in a large and growing literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock. We argue that the difference in results primarily reflects specification error in the way that the literature models the low-frequency component of hours worked.
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