Technology Shocks and Aggregate Fluctuations

Jordi Galí Y · Pau Rabanal

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Monetary Policy and Economic Impact Economic Theory and Policy Economic Growth and Productivity

Abstract

Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.

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1992Testing the null hypothesis of stationarity against the alternative of a unit root 1957Technical Change and the Aggregate Production Function 1993Discretion versus policy rules in practice 1983Staggered prices in a utility-maximizing framework 1982Time to Build and Aggregate Fluctuations 1996Staggered Prices in a Utility-Maximizing Framework 1988The Dynamic Effects of Aggregate Demand and Supply Disturbances 2003An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area

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