Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - 2009
FEDERAL RESERVE BANK OF SAN FRANCISCO
WORKING PAPER SERIES
Working Paper 2009-01
http://www.frbsf.org/publications/economics … Great Moderation and business-cycle fluctuations: capital depreci-
ation shocks, neutral technology shocks, and wage markup …
Neutral technology shocks play a much more important role in driving business
cycle fluctuations than do investment …