Business-cycle anatomy
By: Angeletos, George Marious et al
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Material type: 
BookPublisher: The American Economic Review Description: 110(10), Oct, 2020: p.3030-3070.Subject(s): Time series, Business Cycle, Propagation mechanism, Demand shocks, Medium scale, Nominal rigidity, New strategy, Macroeconomic time series, Rule out
In:
The American Economic ReviewSummary: 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. – Reproduced
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
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Articles
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Indian Institute of Public Administration | 110(10), Oct, 2020: p.3030-3070 | Available | AR124614 |
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. – Reproduced
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