Business Cycle Anatomy

George-Marios Angeletos, Fabrice Collard and Harris Dellas ()

No 24875, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We propose a new strategy for dissecting the macroeconomic time series, provide a template for the business-cycle propagation mechanism that best describes the data, and use its properties to appraise models of both the parsimonious and the medium-scale variety. Our findings support the existence of a main business-cycle driver but rule out the following candidates for this role: technology or other shocks that map to TFP movements; news about future productivity; and inflationary demand shocks of the textbook type. Models aimed at accommodating demand-driven cycles without a strict reliance on nominal rigidity appear promising.

JEL-codes: E00 E31 E32 (search for similar items in EconPapers)
Date: 2018-07
New Economics Papers: this item is included in nep-dge and nep-mac
Note: EFG
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Citations: View citations in EconPapers (13)

Published as George-Marios Angeletos & Fabrice Collard & Harris Dellas, 2020. "Business-Cycle Anatomy," American Economic Review, vol 110(10), pages 3030-3070.

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Related works:
Journal Article: Business-Cycle Anatomy (2020)
Working Paper: Business-Cycle Anatomy (2020)
Working Paper: Business Cycle Anatomy (2020)
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