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Le problème de la mesure des chocs technologiques dans les modèles de cycles réels : une évaluation empirique

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  • Jean-Olivier Hairault

    (Paris IX, C.E.B.I. et MAD - Université Paris 1)

Abstract

Explanations of variations in the Solow Residual, as an indicator of technical change, belong to the hard core of the current debate on business cycle theories: productivity shocks play a cental role in real business cycles as an exogeneous impulse to macroeconomic activity. However, we find in this paper that measured Solow residual do not behave as an exogeneous impulse both in french and U.S. data: econometric evidence indicates that (1) money and government spending Granger-cause this indicator and (2) a significant part of its variance is explained by variations in aggregate demand variables. These features provide a point of evidence against the Real Business Cycle view

Suggested Citation

  • Jean-Olivier Hairault, 1994. "Le problème de la mesure des chocs technologiques dans les modèles de cycles réels : une évaluation empirique," Cahiers de la Maison des Sciences Economiques 94004, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:mse:wpsorb:94004
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