SHOCKING STUFF: TECHNOLOGY, HOURS, AND FACTOR SUBSTITUTION
研究了技术冲击对工时的影响，发现新古典和凯恩斯模型的差异源于对技术的限制性假设，引入CES生产函数后，工时响应取决于冲击的要素偏向和资本劳动替代弹性，为实证研究提供了新约束。
The response of hours to technology shocks is a key controversy in macroeconomics. We show that differences between RBC and NK models hinge on highly restrictive views of technology. We introduce CES production technologies and demonstrate that the response of hours depends on the factor-augmenting nature of shocks and the capital-labor substitution elasticity in both models. We develop analytical expressions to establish the thresholds determining its sign. This opens new margins for shock identification combining theory and VAR evidence. We discuss how our models provide new robust restrictions for empirical work, especially using the labor income share. © 2014 by the European Economic Association.