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Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?
Author/Editor: Pau Rabanal, Jordi Galí
Release Date: © December, 2004
ISBN : 978-1-45187-565-2
Stock #: WPIEA2342004
Stock Status: Available
Languages and formats available
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.
More publications in this series: Working Papers