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  5. The New Econometrics of Structural Change: Dating Breaks in U.S. Labour Productivity

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

The New Econometrics of Structural Change: Dating Breaks in U.S. Labour Productivity

  • Bruce E. Hansen
Journal of Economic Perspectives
vol. 15, no. 4, Fall 2001
(pp. 117–128)
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Abstract

We 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.

Citation

Hansen, 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

JEL Classification

  • C22 Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions
  • J24 Human Capital; Skills; Occupational Choice; Labor Productivity
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