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


Jordi Galí


Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI); Massachusetts Institute of Technology (MIT) - Department of Economics; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)

Pau Rabanal


La Caixa
August 2004

CEPR Discussion Paper No. 4522

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.

Number of Pages in PDF File: 84

Keywords: Real business cycles, technology shocks, nominal rigidities, real frictions

JEL Classification: E32

working papers series


Date posted: September 21, 2004  

Suggested Citation

Galí, Jordi and Rabanal, Pau, Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Post-War US Data? (August 2004). CEPR Discussion Paper No. 4522. Available at SSRN: http://ssrn.com/abstract=593843

Contact Information

Jordi Gali (Contact Author)
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) ( email )
Ramon Trias Fargas, 25-27
Barcelona, 08005
Spain
+34 93 542 2754 (Phone)
+34 93 542 1746 (Fax)
HOME PAGE: http://www.econ.upf.es/~gali
Massachusetts Institute of Technology (MIT) - Department of Economics ( email )
50 Memorial Drive
Cambridge, MA 02142
United States
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Pau Rabanal
La Caixa ( email )
Av Diagonal 629
Barcelona, 08028
Spain
Feedback to SSRN (Beta)


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