Citation

Discussion Paper Details

Please find the details for DP4522 in an easy to copy and paste format below:

Full Details   |   Bibliographic Reference

Full Details

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

Author(s): Jordi Galí and Pau Rabanal

Publication Date: August 2004

Keyword(s): nominal rigidities, real business cycles, real frictions and technology shocks

Programme Area(s): International Macroeconomics

Abstract: 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.

For full details and related downloads, please visit: https://cepr.org/active/publications/discussion_papers/dp.php?dpno=4522

Bibliographic Reference

Galí, J and Rabanal, P. 2004. 'Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data?'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=4522