preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in …

preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in …

the leading shock candidates can explain fluctuations in output and hours. It concludes that we are much closer to …

find that (i) the US economy is well described by a number of structural shocks between two and five. Focusing on the four-shock … shocks have a large long-run positive effect on productivity, consistently with the Schumpeterian "cleansing" view of …