Title: Trends in hours, balanced growth, and the role of technology in the business cycle
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.
Subjects: Business cycles, Econometric models, Economic aspects, Economic aspects of Technology, Effect of technological innovations on, Hours of labor, Labor productivity, Mathematical models, Technology