Are structural VARs with long-run restrictions useful in developing business cycle theory?

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Abstract

No, unless technology shocks account for virtually all of the fluctuations in output.

Original languageEnglish (US)
Pages (from-to)1337-1352
Number of pages16
JournalJournal of Monetary Economics
Volume55
Issue number8
DOIs
StatePublished - Nov 2008

Bibliographical note

Funding Information:
The authors thank the editor, Robert King, and the referees for very helpful comments, Kathy Rolfe and Joan Gieseke for excellent editorial assistance, and the National Science Foundation for financial support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.

Keywords

  • Impulse response
  • Real business cycle
  • Technology shocks
  • Vector autoregressions

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