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DP4522 Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data?

Author(s): Jordi Galí , Pau Rabanal
Publication Date: August 2004
Keyword(s): real business cycles , technology shocks , nominal rigidities , real frictions
JEL(s): E32
Programme Areas: International Macroeconomics
Link to this Page: www.cepr.org/pubs/dps/DP4522.asp


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.

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