We describe new evidence that technological change is biased toward producing durables goods. Existing evidence in favor of the importance of change to growth and business cycles is based on the price deflators for investment and consumption goods. Our evidence is based on additional data,...

Recent empirical work using structural VARs with long-run restrictions assesses whether hours worked per capita rises or falls following a technology improvement. This literature reaches divergent conclusions on the sign of this effect, depending on whether hours worked enters the VAR in...