Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data?

Our answer: not so well. We reach that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive co-movement between output and labor input measures.

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Year of publication:	2004-08
Authors:	Galí, Jordi ; Rabanal, Pau
Institutions:	C.E.P.R. Discussion Papers
Subject:	nominal rigidities \| real business cycles \| real frictions \| technology shocks

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Extent:	application/pdf
Series:	CEPR Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 4522
Classification:	E32 - Business Fluctuations; Cycles
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005504247