The Role of Manufacturing-specific Technology in Determining the Composition of Hours Worked in Korea |
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Authors: | Bae-Geun Kim Kwang Hwan Kim |
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Institution: | 1. Research Department , The Bank of Korea , Seoul, Korea kimbg@bok.or.kr;3. Department of Economics , Dongguk University , Seoul, Korea |
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Abstract: | Abstract This paper investigates the role of manufacturing-specific and neutral technological changes in explaining the dramatic shift in hours worked from the manufacturing toward the service sector. The finding is that manufacturing-specific technological changes are the main contributor to the shift in hours worked while neutral technological changes seem to play only a minor role in explaining it. |
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Keywords: | Manufacturing-specific technological changes neutral technological changes relative prices structural VAR |
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