Journal
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
Volume 2, Issue 2-3, Pages 372-380Publisher
OXFORD UNIV PRESS
DOI: 10.1162/154247604323068069
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I provide some new evidence that reinforces the conclusion in Gali (1999) that exogenous variations in technology play a very limited role, if any, as sources of the business cycle. First, I provide evidence that supports the identification of technology shocks proposed in that paper. Second, I show that similar findings obtain when the same approach is implemented for the Euro area, using a newly available data set. (JEL: E32, E24)
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