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Supply Shocks in Macroeconomics

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Author Info
Matthew D. Shapiro

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Abstract

Supply shocks played an important role in macroeconomic fluctuations during the 1970's. Supply shocks are also increasingly important in Keynesian and neo-classical models of the business cycle. This paper is a short survey of these theoretical models. It also discusses the history of supply shocks in recent business cycles.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2146.

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Date of creation: Jan 1987
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Publication status: published as Shapiro, Matthew D. "Are Cyclical Fluctuations In Productivity Due More To Supply Shocks Or Demand Shocks?," American Economic Review, 1987, v77(2), 118-124. Shapiro, Matthew D. "Supply Shocks in Macroeconomics," The New Palgrave, London: Macmillan, 1987.
Handle: RePEc:nbr:nberwo:2146

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  1. Camille Logeay & Silke Tober, 2003. "Time-varying Nairu and Real Interest Rates in the Euro Area," Discussion Papers of DIW Berlin 351, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  2. Paul F. Gentle & Krishna P. Paudel & Kamal P. Upadhyaya, 2005. "Real wages, real interest rates, and the Phillips curve," Applied Economics, Taylor and Francis Journals, vol. 37(4), pages 397-402, March. [Downloadable!] (restricted)
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