Business-Cycle Anatomy

Angeletos, George-Marios; Collard, Fabrice; Dellas, Harris (2020). Business-Cycle Anatomy. American economic review, 110(10), pp. 3030-3070. American Economic Association 10.1257/aer.20181174

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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.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Economics

UniBE Contributor:

Dellas, Harris

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0002-8282

Publisher:

American Economic Association

Language:

English

Submitter:

Dino Collalti

Date Deposited:

11 Jan 2021 14:11

Last Modified:

11 Jan 2021 14:19

Publisher DOI:

10.1257/aer.20181174

BORIS DOI:

10.48350/150261

URI:

https://boris.unibe.ch/id/eprint/150261

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