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The Dynamics of Hours Worked and Technology

Cantore, Cristiano, Ferroni, Filippo and Leon-Ledesma, MA (2017) The Dynamics of Hours Worked and Technology Journal of Economic Dynamics and Control, 82. pp. 67-82.

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Abstract

The response of hours worked to technology shocks in the postwar US economy has increased over time. We offer a structural interpretation of this important time-varying macroeconomic moment. The time varying patterns captured by a structural VAR are consistent with those obtained from a parsimonious RBC model with a less than unitary elasticity of substitution between capital and labour (σ). The observed changes in the response of hours are attributable to increases in the magnitude of the degree of capital-labour substitution. Finally, we conjecture that the observed time-variation in σ is related to changes in the skill composition of the work force and biases in technological change.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
NameEmailORCID
Cantore, CristianoC.Cantore@surrey.ac.ukUNSPECIFIED
Ferroni, Filippof.ferroni@surrey.ac.ukUNSPECIFIED
Leon-Ledesma, MAUNSPECIFIEDUNSPECIFIED
Date : September 2017
Identification Number : 10.1016/j.jedc.2017.05.009
Copyright Disclaimer : © 2017. This manuscript version is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0/
Uncontrolled Keywords : Real Business Cycles models, Constant Elasticity of Substitution production function, Hours worked, technology shocks.
Depositing User : Melanie Hughes
Date Deposited : 24 May 2017 16:27
Last Modified : 27 Jul 2017 13:32
URI: http://epubs.surrey.ac.uk/id/eprint/841144

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