-driven growth model. Tertiarization in China could be one way of increasing the economy's future resilience to external shocks …We study the effects of external shocks on the business cycle in China and its sectors (agriculture, industry, and … services) in terms of real GDP growth using several small dimensional VAR models with Cholesky identification for the period …

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 … technological innovations reduce inflation. The technology news shock became the predominant source of the business cycle from the …

economies. Furthermore, we provide a specific example for an idiosyncratic supply shock to a small sector that amplifies to an …