The New Econometrics of Structural Change: Dating Breaks in U.S. Labour Productivity
AbstractWe have seen the emergence of three major innovations in the econometrics of structural change in the past fifteen years: (1) tests for a structural break of unknown timing; (2) estimation of the timing of a structural break; and (3) tests to distinguish unit roots from broken time trends. These three innovations have dramatically altered the face of applied time series econometrics. In this paper, we review these three innovations, and illustrate their application through an empirical assessment of U.S. labor productivity in the manufacturing/durables sector.
CitationHansen, Bruce, E. 2001. "The New Econometrics of Structural Change: Dating Breaks in U.S. Labour Productivity." Journal of Economic Perspectives, 15 (4): 117-128. DOI: 10.1257/jep.15.4.117
- C22 Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions
- J24 Human Capital; Skills; Occupational Choice; Labor Productivity