Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data?

Galí, Jordi and Pau Rabanal
Authors registered in the RePEc Author Service: Jordi Galí

No 4522, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Our answer: not so well. We reach 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 co-movement between output and labor input measures.

Keywords: Real business cycles; Technology shocks; Nominal rigidities; Real frictions (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
Date: 2004-08
New Economics Papers: this item is included in nep-dge and nep-mac
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Citations: View citations in EconPapers (75)

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Related works:
Working Paper: Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data? (2004)
Working Paper: Technology Shocks and Aggregate Fluctuations: How Well Does the RBS Model Fit Postwar U.S. Data? (2004)
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