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An Anatomy of the Business Cycle

Listed author(s):
  • Harris Dellas

    (University of Bern)

  • Fabrice Collard

    (University of Bern)

  • George-Marios Angeletos

    (M.I.T.)

We develop a new method for dissecting the comovements of macroeconomic variables over the business cycle. We use this to show that the data is consistent with models in which the forces (i.e., shocks and propagation mechanisms) that drive the fluctuations in output, investment, hours, and unemployment are strongly connected with one another, while also being relatively disconnected from those that drive the fluctuations in productivity, inflation, and interest rates. We document a similar disconnect between inflation and the labor share. We explain why these findings are at odds with existing macroeconomic models of either the RBC or the NK variety, and discuss how they provide guidance for future theoretical research.

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File URL: https://economicdynamics.org/meetpapers/2016/paper_1641.pdf
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Paper provided by Society for Economic Dynamics in its series 2016 Meeting Papers with number 1641.

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Date of creation: 2016
Handle: RePEc:red:sed016:1641
Contact details of provider: Postal:
Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/
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