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Trends in hours, balanced growth and the role of technology in the business cycle
Galí, Jordi
Universitat Pompeu Fabra. Departament d'Economia i Empresa
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.
Macroeconomics and International Economics
real business cycles
technology shocks
market frictions
balanced growth path
stationarity of hours
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