What happens after a technology shock?
By: Lawrence J. Christiano, Martin Eichenbaum, and  Robert Vigfusson.
Contributors: Eichenbaum, Martin S.; Vigfusson, Robert J.
Series: International finance discussion papers ;; no. 768; International finance discussion papers (Online) ;; no. 768.
Publisher: Federal Reserve Board
Published: 2003
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "We provide empirical evidence that a positive shock to technology drives up per capita hours worked, consumption, investment, average productivity and output.  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"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/15/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.