On the Role of Technology Shocks as a Source of Business Cycles: Some New Evidence
- 1 May 2004
- journal article
- Published by Oxford University Press (OUP) in Journal of the European Economic Association
- Vol. 2 (2-3) , 372-380
- https://doi.org/10.1162/154247604323068069
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.Keywords
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