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correlation between hours worked and labor productivity. In this paper, I show that this conjecture is not necessarily correct. In … the basic RBC model, I find that hours worked fall and labor productivity rises after a positive permanent technology … a positive permanent technology shock along with a rise in labor productivity that are in line with what the data …
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This paper elaborates on the relative importance of sectoral shocks for real economic activity in Germany. Implications of multisectoral real business cycle models are examined by resorting to testing techniques based on stock market returns. The empirical evidence is obtained by calculating...
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