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

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...

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Bibliographic Details
Main Author: Gali Garreta, Jordi
Other Authors: Rabanal, Pau
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2004
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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651 4 |a United States 
653 |a Business cycles 
653 |a Inflation 
653 |a Research and Development 
653 |a Labour; income economics 
653 |a Intellectual Property Rights: General 
653 |a Technology 
653 |a Deflation 
653 |a Production 
653 |a Technology; general issues 
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653 |a Price Level 
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653 |a Innovation 
653 |a Prices 
653 |a Macroeconomics 
653 |a Sticky prices 
653 |a Occupational Choice 
653 |a Business Fluctuations 
653 |a Technological Change 
653 |a Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) 
653 |a Labor productivity 
653 |a Human Capital 
653 |a Production and Operations Management 
653 |a Labor economics 
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520 |a 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