Download or read book Technology Shocks and Hours Revisited written by Hikaru Saijo and published by . This book was released on 2018 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: I exploit heterogeneous impulse responses at the household level due to limited stock market participation to provide novel evidence on the degree of nominal rigidities. A number of studies show that positive technology shocks reduce aggregate hours. The finding is often interpreted as evidence in favor of sticky prices. Using the Consumer Expenditure Survey, I show that, while non-stockholders reduce hours in response to a positive technology shock, stockholders increase them. Aggregate hours fall because most households are non-stockholders. This finding is inconsistent with models featuring a high degree of nominal rigidities.