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A Skeptical Note on the Importance of Technology Shocks

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  • James E. Hartley

Abstract

This paper tests whether a real business cycle model can be built using a specific technological shock, a change in the depreciation rate, instead of an aggregate multiplicative shock. The model cannot duplicate standard business cycle facts.

Suggested Citation

  • James E. Hartley, 1998. "A Skeptical Note on the Importance of Technology Shocks," The American Economist, Sage Publications, vol. 42(1), pages 108-111, March.
    • Handle: RePEc:sae:amerec:v:42:y:1998:i:1:p:108-111
    DOI: 10.1177/056943459804200113
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    References listed on IDEAS

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    1. Hansen, Gary D., 1985. "Indivisible labor and the business cycle," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November.
    2. Cogley, Timothy & Nason, James M, 1995. "Output Dynamics in Real-Business-Cycle Models," American Economic Review, American Economic Association, vol. 85(3), pages 492-511, June.
    3. Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
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