Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/95263
Authors: 
Albonico, Alice
Kalyvitis, Sarantis
Pappa, Evi
Year of Publication: 
2012
Series/Report no.: 
Quaderni di Dipartimento 164
Abstract: 
Conventional RBC models have been heavily criticized for their inability to generate the estimated negative correlations of hours and productivity in response to technology shocks ('productivity-hours puzzle'). In this paper we show that by just enhancing the standard frame- work with investment adjustment costs can resolve the 'productivity-hours puzzle'.
Subjects: 
technology shocks
productivity-hours puzzle
investment adjustment costs
wealth effect
JEL: 
E22
E32
Document Type: 
Working Paper

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