PRODUCTIVITY SHOCKS AND REAL BUSINESS CYCLES
成果类型：
Article
署名作者：
EVANS, CL
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90012-Q
发表日期：
1992
页码：
191-208
关键词：
摘要：
Productivity shocks play a central role in real business cycles as an exogenous impulse to macroeconomic activity. However, measured Solow-Prescott residuals do not behave as an exogenous impulse. Rather, econometric evidence provided in this paper indicates that (1) money, interest rates, and government spending Granger-cause these impulses, and (2) a substantial component of the variance of these impulses (between one quarter and one half) is attributable to variations in aggregate demand. These results are robust to a number of econometric issues, including measurement errors, specification of the production function, and certain forms of omitted real variables.
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