Business-Cycle Anatomy
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...
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| Other Authors: | |
| Format: | Article |
| Language: | English |
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American Economic Association
2021
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| Online Access: | https://hdl.handle.net/1721.1/130273 |
| _version_ | 1826195385872285696 |
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| author | Angeletos, George-Marios |
| author2 | Massachusetts Institute of Technology. Department of Economics |
| author_facet | Massachusetts Institute of Technology. Department of Economics Angeletos, George-Marios |
| author_sort | Angeletos, George-Marios |
| collection | MIT |
| description | 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. |
| first_indexed | 2024-09-23T10:11:51Z |
| format | Article |
| id | mit-1721.1/130273 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T10:11:51Z |
| publishDate | 2021 |
| publisher | American Economic Association |
| record_format | dspace |
| spelling | mit-1721.1/1302732022-09-30T19:32:36Z Business-Cycle Anatomy Angeletos, George-Marios Massachusetts Institute of Technology. Department of Economics 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. 2021-03-30T13:36:03Z 2021-03-30T13:36:03Z 2020-10 2021-03-29T18:17:34Z Article http://purl.org/eprint/type/JournalArticle 0002-8282 https://hdl.handle.net/1721.1/130273 Angeletos, George-Marios et al. “Business-Cycle Anatomy.” American Economic Review, 110, 10 (October 2020): 3030-3070 © 2020 The Author(s) en 10.1257/AER.20181174 American Economic Review Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf American Economic Association American Economic Association |
| spellingShingle | Angeletos, George-Marios Business-Cycle Anatomy |
| title | Business-Cycle Anatomy |
| title_full | Business-Cycle Anatomy |
| title_fullStr | Business-Cycle Anatomy |
| title_full_unstemmed | Business-Cycle Anatomy |
| title_short | Business-Cycle Anatomy |
| title_sort | business cycle anatomy |
| url | https://hdl.handle.net/1721.1/130273 |
| work_keys_str_mv | AT angeletosgeorgemarios businesscycleanatomy |