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Business Cycle Anatomy

Angeletos, Georges Marios, Collard, Fabrice and Dellas, Harris (2020) Business Cycle Anatomy. TSE Working Paper, n. 20-1065, Toulouse

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We propose a new strategy for dissecting the macroeconomic time series, provide a template for the
propagation mechanism that best describes the observed business cycles, 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. Prominent members of the DSGE literature also lack the propagation mechanism seen in our anatomy of the data. Models that aim at accommodating demanddriven cycles under flexible prices appear promising.

Item Type: Monograph (Working Paper)
Language: English
Date: January 2020
Place of Publication: Toulouse
Divisions: TSE-R (Toulouse)
Institution: Université Toulouse 1 Capitole
Site: UT1
Date Deposited: 22 Jan 2020 14:46
Last Modified: 18 Jun 2020 08:15
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