Francis, Neville; Owyang, Michael T.; Roush, Jennifer E.; … - Federal Reserve Bank of St. Louis - 2010
Recent studies using long-run restrictions question the validity of the technology-driven real business cycle … technology-
driven real business cycle hypothesis. We propose an alternative identi�cation that
maximizes the contribution of …-run restrictions aimed at isolating the e�ects of technology shocks
on productivity beyond business cycle frequencies do not provide …