Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data?
Jordi Gali () and
Pau Rabanal ()
No 4522, CEPR Discussion Papers from C.E.P.R. Discussion Papers
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: nominal rigidities; real business cycles; real frictions; technology shocks (search for similar items in EconPapers)
JEL-codes: E32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge and nep-mac
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Working Paper: Technology Shocks and Aggregate Fluctuations; How Well Does the RBC Model Fit Postwar U.S. Data? (2004)
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