APPENDIX 1. DATA I follow Christiano, Eichenbaum, and Vigfusson (2003) and use BLS data on hours and labor productivity for the business economy. The BLS population data have occasional discrete jumps: When the BLS obtains new information on the population (e.g., at decennial censuses), it does not revise previous data. I use a series adjusted at the… (More)
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