TY  - JOUR
AU  - Christiano,Lawrence J.
AU  - Eichenbaum,Martin
AU  - Vigfusson,Robert
TI  - What Happens After a Technology Shock?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9819
PY  - 2003
Y2  - July 2003
UR  - http://www.nber.org/papers/w9819
L1  - http://www.nber.org/papers/w9819.pdf
N1  - Author contact info:
Lawrence Christiano
Department of Economics
Northwestern University
2001 Sheridan Road
Evanston, IL 60208
Tel: 847/491-8231
Fax: 847/491-7001
E-Mail: l-christiano@northwestern.edu

Martin S. Eichenbaum
Department of Economics
Northwestern University
2003 Sheridan Road
Evanston, IL  60208
Tel: 847/491-8232
Fax: 847/491-7001
E-Mail: eich@northwestern.edu

Robert Vigfusson
Federal Reserve Board
Washington, DC  20551
E-Mail: robert.j.vigfusson@frb.gov
AB  - 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.
ER  -