Why hours worked decline less after technology shocks?

• 成果类型: Article
• 署名作者: Cardi, Olivier; Restout, Romain
• 署名单位: Universite Paris-Pantheon-Assas; Lancaster University; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Universite de Lorraine
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2025.104095
• 发表日期: 2025
• 关键词: Hours worked; Symmetric and asymmetric technology shocks; Tradables and non-tradables; International openness; Factor-augmenting efficiency; Labor reallocation

摘要

The contractionary effect of technology shocks on hours gradually vanishes over time in OECD countries. To rationalize the decline in hours and its disappearance, we use a VAR-based decomposition of technology shocks into symmetric and asymmetric technology improvements. While hours decline dramatically when technology improves at the same rate across sectors, hours significantly increase when technology improvements occur at different rates. Because they are primarily driven by symmetric technology improvements, permanent technology shocks drive down total hours. Such a decline progressively vanishes due to the growing importance asymmetric technology shocks. To reach these two conclusions, we simulate a two-sector model which can reproduce the contractionary effect on hours once the economy is internationally open and we allow for production factors' mobility costs, factor-biased technological change, and home bias. To account for the vanishing decline in hours, we have to let the share asymmetric technology shocks increase over time.