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

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.
Year of publication:
2004-12-01
Authors: Galí, Jordi ; Rabanal, Pau
Institutions: International Monetary Fund (IMF)
Subject: Economic models | business cycle | correlation | business cycles | equation | time series | business cycle fluctuations | predictions | statistics | standard deviation | correlations | real business cycle | standard deviations | calibration | business cycle component | source of business cycles | empirical framework | business cycle components | random walk | econometrics | general equilibrium model | parameter estimation | real business cycles | statistic | significance level | logarithms | autocorrelation | total factor productivity | empirical model | business cycle theories | stationary process | estimation method | probability | growth model | probabilities | samples | random walk process | general equilibrium models | measurement error | calibrations | sources of business cycle | predictability | observable variable | markov chain | constant mean | growth rates | standard error | growth accounting | instrumental variables | growth rate | time series analysis | conventional business cycle | prediction | real gdp | gamma distributions | stochastic models | source of business cycle | difference equation | forward-looking model | significance levels | empirical exercise | polynomials | equations | neoclassical growth model | economic growth | linear models | business cycle phenomena | sample mean | functional forms
Extent:
application/pdf
Series:
Type of publication: Book / Working Paper
Language: English
Notes:
The text is part of a series IMF Working Papers Number 04/234 6 pages long
Source:
Persistent link: https://www.econbiz.de/10005605356
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