Trends in hours, balanced growth, and the role of technology in the business cycle
By: Jordi Gali.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series -- no. 11130.; Working paper series (National Bureau of Economic Research) -- working paper no. 11130.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, Mass
Language: eng
Number of pages: 25
Subjects: Hours of labor -- Econometric models; Technology -- Economic aspects
Description: "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"--National Bureau of Economic Research web site.
Notes: "February 2005."

Includes bibliographical references (p. 23-25).

Also available in PDF from the NBER world wide web site (www.nber.org).