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130273 |
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|a Angeletos, George-Marios
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|a Massachusetts Institute of Technology. Department of Economics
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|a Business-Cycle Anatomy
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|b American Economic Association,
|c 2021-03-30T13:36:03Z.
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|z Get fulltext
|u https://hdl.handle.net/1721.1/130273
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|a We propose a new strategy for dissecting the macroeconomic time series, provide a template for the business- cycle propagation mechanism that best describes the data, and use its properties to appraise models of both the parsimonious and the medium- scale variety. Our findings support the existence of a main business- cycle driver but rule out the following candidates for this role: Technology or other shocks that map to TFP movements; news about future productivity; and inflationary demand shocks of the textbook type. Models aimed at accommodating demand- driven cycles without a strict reliance on nominal rigidity appear promising.
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|a Article
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|t 10.1257/AER.20181174
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|t American Economic Review
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