On The Role of Technology Shocks as a Source of Business Cycles: Some New Evidence

Jordi Galí

Journal of the European Economic Association, 2004, vol. 2, issue 2-3, 372-380

Abstract: I provide some new evidence that reinforces the conclusion in Galí (1999) that exogenous variations in technology play a very limited role, if any, as sources of the business cycle. First, I provide evidence that supports the identification of technology shocks proposed in that paper. Second, I show that similar findings obtain when the same approach is implemented for the Euro area, using a newly available data set. (JEL: E32, E24) Copyright (c) 2004 The European Economic Association.

Date: 2004
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