On The Role of Technology Shocks as a Source of Business Cycles: Some New Evidence
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.
Volume (Year): 2 (2004)
Issue (Month): 2-3 (04/05)
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