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Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?
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Author/Editor: |
Galí, Jordi | Rabanal, Pau |
| Authorized for Distribution: |
December 1, 2004 |
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Electronic Access: |
Free Full Text (PDF file size is 1,452KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: 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.
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Order a print copy
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Series: |
Working Paper No. 04/234 |
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Subject(s): |
Business cycles | United States | Economic models |
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Author's keyword(s): |
Real Business Cycles
| Technology Shocks
| Nominal Rigidities
| Real Frictions
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Published: |
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December 1, 2004 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2342004 |
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Pages: |
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66 |
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Price: |
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US$15.00 (Academic Rate: US$15.00 )
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