"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 gro...

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Bibliographic Details

Main Author:	Galí, Jordi 1961- (Author)
Format:	Book
Language:	English
Published:	Cambridge, Mass. National Bureau of Economic Research 2005
Series:	National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11130
Subjects:	Ökonometrisches Modell Hours of labor > Econometric models Technology > Economic aspects
Online Access:	Volltext
Summary:	"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"--National Bureau of Economic Research web site.
Physical Description:	25, [19] S. graph. Darst.