@techreport{NBERw15375,
 title = "Methods versus Substance: Measuring the Effects of Technology Shocks on Hours",
 author = "José-Víctor Ríos-Rull and Frank Schorfheide and Cristina Fuentes-Albero and Maxym Kryshko and Raül Santaeulàlia-Llopis",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "15375",
 year = "2009",
 month = "September",
 URL = "http://www.nber.org/papers/w15375",
 abstract = {In this paper, we employ both calibration and modern (Bayesian)  estimation methods to assess the role of neutral and investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show how answers are shaped by the identification strategies and not by the  statistical approaches. The crucial parameter is the labor supply  elasticity. Both a calibration procedure that uses modern assessments of the Frisch elasticity and the estimation procedures result in technology shocks accounting for 2% to 9% of the variation in hours worked in the data. We infer that we should be talking more about identification and less about the choice of particular quantitative approaches.},
}