Demand, Supply, and Animal Spirits

Humberto Lopez and Angel Ubide

Economics Working Papers from European University Institute

Abstract: One of the main topics of macroeconomics analysis is to assess the causes and transmission of business cycles. In order to address this issue, macroeconomists have analysed the response of output to different types of shocks. However, since a shock is by definition an unobserved variable, there is no consensus in the literature about how to properly identify a shock. In this paper we present a framework for identification of shocks that builds on the statistical definition of a shock and imposes as little a priori restrictions as possible on the structure of the system.

Keywords: ECONOMETRICS; BUSINESS CYCLES; MACROECONOMICS (search for similar items in EconPapers)
JEL-codes: C68 E32 F41 (search for similar items in EconPapers)
Pages: 26 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:eui:euiwps:eco96/32

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