Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations? Comment

The neoclassical effects of permanent technology shocks on employment is re-investigated. Contrary to Jordi Gali's (1999) assertion published in this Review, I show that standard neoclassical theory is fully capable of explaining the stylized fact that positive permanent technology shocks reduce employment and that positive transitory nontechnology shocks increase labor productivity.

MoreLess

Year of publication:	2001
Authors:	Wen, Yi
Institutions:	Center for Analytic Economics, Department of Economics

More details

Series:	Working Papers.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005819135