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"We provide empirical evidence that a positive shock to technology drives up per capita hours worked, consumption, investment, average productivity and output. This evidence contrasts sharply with the results reported in a large and growing literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock. We argue that the difference in results primarily reflects specification error in the way that the literature models the low-frequency component of hours worked"--Federal Reserve Board web site.
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Edition Notes
Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/15/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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