Ríos-Rull, José-Víctor; Schorfheide, Frank; … - National Bureau of Economic Research (NBER) - 2009
In this paper, we employ both calibration and modern (Bayesian) estimation methods to assess the role of neutral and investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show how answers are shaped by the identification...