The Role of Real and Monetary Shocks in Explaining Business Cycle Fluctuations
The essay brings empirical evidence to bear on the ability of real and monetary shocks to explain business cycles. Using vector autoregressive techniques it is found that both real and monetary shocks are able to explain substantial portions of the innovations in output and unemployment.
Taylor & Francis
Caporale, Tony, "The Role of Real and Monetary Shocks in Explaining Business Cycle Fluctuations" (1994). Economics and Finance Faculty Publications. 18.