Technology Shocks and Aggregate Fluctuations : How Well Does the RBC Model Fit Postwar U.S. Data?

Galí, Jordi

Our answer: Not so well. We reached 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 comovement between output and labor input measures

MoreLess

Year of publication:	2004
Authors:	Galí, Jordi
Other Persons:	Galí, Jordi (contributor) ; Rabanal, Pau (contributor)
Publisher:	Washington, D.C : International Monetary Fund
Subject:	Real-Business-Cycle-Theorie \| Real business cycle model \| USA \| United States \| Schock \| Shock \| Technischer Fortschritt \| Technological change \| Schätzung \| Estimation \| Produktivität \| Productivity \| Arbeitsmarkt \| Labour market \| Privater Konsum \| Private consumption \| Neoklassische Synthese \| Neoclassical synthesis