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On The Role of Technology Shocks as a Source of Business Cycles: Some New Evidence

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Author Info
Jordi Galí (CREI and Universitat Pompeu Fabra,)

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Abstract

I provide some new evidence that reinforces the conclusion in Galí (1999) that exogenous variations in technology play a very limited role, if any, as sources of the business cycle. First, I provide evidence that supports the identification of technology shocks proposed in that paper. Second, I show that similar findings obtain when the same approach is implemented for the Euro area, using a newly available data set. (JEL: E32, E24) Copyright (c) 2004 The European Economic Association.

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Publisher Info
Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 2 (2004)
Issue (Month): 2-3 (04/05)
Pages: 372-380
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Handle: RePEc:tpr:jeurec:v:2:y:2004:i:2-3:p:372-380

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  1. Kari O. E. Alho & Nuutti Nikula, 2006. "Productivity, Empoyment and Taxes - Evidence on the Potential Trade-offs and Impacts in the EU," Discussion Papers 1054, The Research Institute of the Finnish Economy. [Downloadable!]
  2. Francesco Busato & Alessandro Girardi & Amedeo Argentiero, 2008. "Technology and non-technology shocks in a two-sector economy," ISAE Working Papers 96, ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY). [Downloadable!]
    Other versions:
  3. Helge Braun & Reinout De Bock & Riccardo DiCecio, 2009. "Supply shocks, demand shocks, and labor market fluctuations," Review, Federal Reserve Bank of St. Louis, issue May, pages 155-178. [Downloadable!]
    Other versions:
  4. Domenico J. Marchetti & Francesco Nucci, 2004. "Pricing behavior and the comovement of productivity and labor: evidence from firm-level data," Temi di discussione (Economic working papers) 524, Bank of Italy, Economic Research Department. [Downloadable!]
  5. Ricardo Reis, 2008. "A Sticky-Information General Equilibrium Model for Policy Analysis," Working Papers Central Bank of Chile 495, Central Bank of Chile. [Downloadable!]
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  6. Vasco Cúrdia & Daria Finocchiaro, 2007. "Monetary regime change and business cycles," Staff Reports 294, Federal Reserve Bank of New York. [Downloadable!]
  7. M.S.Rafiq, 2006. "Great Ratios, Balanced Growth and Stochastic Trends: Evidence for the Euro Area," Discussion Paper Series 2006_20, Department of Economics, Loughborough University. [Downloadable!]
  8. Kari Alho & Nuutti Nikula, 2007. "Productivity, Employment and Taxes - A SVAR Analysis of Trade-offs and Impacts," Discussion Papers 1074, The Research Institute of the Finnish Economy. [Downloadable!]
  9. Matteo Iacoviello, 2005. "House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle," American Economic Review, American Economic Association, vol. 95(3), pages 739-764, June. [Downloadable!]
    Other versions:
  10. Rossi, Lorenza & Mattesini, Fabrizio, 2007. "Productivity Shock and Optimal Monetary Policy in a Unionized Labor Market. Forthcoming: The Manchester School," MPRA Paper 8414, University Library of Munich, Germany, revised 2008. [Downloadable!]
  11. M.S.Rafiq, 2006. "Business Cycle Moderation - Good Policies or Good Luck: Evidence and Explanations for the Euro Area," Discussion Paper Series 2006_21, Department of Economics, Loughborough University. [Downloadable!]
  12. Silvia Sgherri, 2005. "Long-Run Productivity Shifts and Cyclical Fluctuations: Evidence for Italy," IMF Working Papers 05/228, International Monetary Fund. [Downloadable!]
  13. Dupaigne, M. & Fève, P. & Matheron, J., 2005. "Technology Shock and Employment: Do We Really Need DSGE Models with a Fall in Hours?," Documents de Travail 124, Banque de France. [Downloadable!]
    Other versions:
  14. Francesco Giuli & Massimiliano Tancioni, 2009. "Firm-Specific Capital, Productivity Shocks and Investment Dynamics," Working Papers 120, Sapienza University of Rome, Department of Public Economics. [Downloadable!]
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