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Technology Shocks and Aggregate Fluctuations; How Well Does the RBC Model Fit Postwar U.S. Data?

Jordi Gali () and Pau Rabanal ()

No 04/234, IMF Working Papers from International Monetary Fund

Abstract: Our answer: Not so well. We reached 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 comovement between output and labor input measures.

Keywords: Business cycles; United States; Real Business Cycles, Technology Shocks, Nominal Rigidities, Real Frictions, business cycle, correlation, equation, time series, (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge and nep-mac
Date: 2004-12-01
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Working Paper: Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data? (2004) Downloads
Working Paper: Technology Shocks and Aggregate Fluctuations: How Well Does the RBS Model Fit Postwar U.S. Data? (2004) Downloads
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