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Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?
Open accessAbstract
I estimate a decomposition of productivity and hours into technology and non-technology components. Two results stand out: (a) the estimated conditional correlations of hours and productivity are negative for technology shocks, positive for nontechnology shocks; (b) hours show a persistent decline in response to a positive technology shock. Most of the results hold for a variety of model specifications, and for the majority of G7 countries. The picture that emerges is hard to reconcile with a conventional real-business-cycle interpretation of business cycles, but is shown to be consistent with a simple model with monopolistic competition and sticky prices. (JEL E32, E24)
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Citations
Cited by
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Fry, R., & Pagan, A. (2011) · Journal of Economic Literature · doi:10.1257/jel.49.4.938 · Cited by 688
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Metadata
- Authors
- Galí, J.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 1999-03-01
- Volume
- 89
- Issue
- 1
- Pages
- 249-271
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2089853409
- Cited by
- 1,717
- References
- 0
- FWCI
- 26.18
- Type
- journal article
- Language
- en
- Open access
- green
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- Galí, J. (1999). Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations? American Economic Review. https://doi.org/10.1257/aer.89.1.249
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