And the index of the aggregate amount of hours worked in the economy increased by about 2percentt.
Indeed, despite the employment increase, the index of aggregate weekly hours of production or nonsupervisory workers -- which measures the aggregate amount of work outside of farms in the private sector -- fell by 0.1 percentage point in March to 99percentt.
They also now are automatically buying themselves an instant TV content library that represents an aggregate of thousands of hours of television programming.
Of course, our exercise is silent about the distribution of aggregate hours worked within the working-age population.
Our results show that the evolution of aggregate hours worked in Spain has been consistent with the evolution of taxes, whereas lack of TFP growth has had a minor impact on hours worked.
Regardless of the reason for this stagnation, however, our quantitative exercise indicates that the lack of TFP growth has had only a minor impact on the evolution of aggregate hours worked.
Prescott (2004), however, argues that differential taxation alone can account for the differences in the current level of aggregate hours worked between Europe and the United States.
In this paper, we have argued that the trend of aggregate hours worked in Spain is consistent with neoclassical growth theory given the observed trends of taxes and government consumption.
In aggregate, 2780 hours of work activity were recorded during the study period.
By contrast, using our software package to extract these positions took around 12 hours of computer time, but only an aggregate of about 3 man-hours of labor.
Instead of plugging in aggregate variables like the number of hours worked or the level of retail sales, these new "dynamic stochastic general equilibrium" (DSGE) models were based on individual households and businesses that tried to do the best they could in a challenging world.
