@techreport{NBERw11130,
 title = "Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle",
 author = "Jordi Gali",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "11130",
 year = "2005",
 month = "February",
 URL = "http://www.nber.org/papers/w11130",
 abstract = {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.},
}