; investment-specific shocks ; neutral shocks ; news shocks ; business cycle …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in … investment specific technology and news about future technology growth. The aim of this paper is to provide a quantitative …

findings survive three identification strategies and across subsamples. Then, they are rationalized via the estimation of a two …

We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U ….S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption …, investment - and weak positive comovement between real quantities and inflation, contrary to the view that anticipated …