This chapter reviews and synthesizes our current understanding of the shocks that drive
economic fluctuations. The chapter begins with an illustration of the problem of identifying …

Yes. We construct a measure of aggregate technology change, controlling for aggregation
effects, varying utilization of capital and labor, nonconstant returns, and imperfect …

This paper re-examines recent empirical evidence that positive technology shocks lead to
short-run declines in hours. Building on Galí's [1999. Technology, employment, and the …

Our answer: not so well. We reach that conclusion after reviewing recent research on the
role of technology as a source of economic fluctuations. The bulk of the evidence suggests a …

We develop comprehensive measures of time spent in market work, home production,
schooling, and leisure in the United States for the last 106 years. We find that hours of work …

This paper contributes to the debate initiated by Galí in 1999. I provide a theory with capital
income taxation, labor hoarding as well as long-run shifts in the social attitudes to the …

This paper estimates the effects of technology shocks in VAR models of the US, identified by
imposing restrictions on the sign of impulse responses. These restrictions are consistent with …

After the financial market meltdown of the years 2007–2008 the Obama administration
responded with large fiscal stimulus package, yet the reaction to this stimulus has been …

The low correlation between cyclical unemployment and productivity over the post-war
period hides a large sign switch in the mid-1980s: from significantly negative the correlation …

Structural vector autoregressions give conflicting results on the effects of technology shocks
on hours. The results depend crucially on the assumed data generating process for hours …