Methods versus Substance : Measuring the Effects of Technology Shocks on Hours

  title={Methods versus Substance : Measuring the Effects of Technology Shocks on Hours},
  author={Jos{\'e} - Vı́ctor Ŕıos Rull and Frank Schorfheide and Cristina Fuentes - Albero Ra{\"u}l Santaeul{\`a}lia - Llopis Maxym Kryshko},
  • José - Vı́ctor Ŕıos Rull, Frank Schorfheide, Cristina Fuentes - Albero Raül Santaeulàlia - Llopis Maxym Kryshko
  • Published 2007
Different empirical methodologies have coexisted in macroeconomics over the past decades: calibrated dynamic stochastic general equilibrium (DSGE) models, econometrically estimated DSGE models, and structural vector autoregressions. Using these methodologies we re-visit a long-standing question in business cycle research: what fraction of variation in hours worked is due to technology shocks. We analyze to what extent and why the methodologies generate different quantitative answers to our sub- 
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