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Home > Publications > Federal Reserve Bank of St. Louis Review > May/June 2007
Granger Causality and Equilibrium Business Cycle Theory
by Yi Wen
in Federal Reserve Bank of St. Louis Review, May/June 2007 Vol. 89, No. 3, pp. 195-206
Postwar U.S. data show that consumption growth “Granger-causes” output and investment growth, which is puzzling if technology is the driving force of the business cycle. The author asks whether general equilibrium models with information frictions and non-technology shocks can rationalize the observed causal relationships. His conclusion is they cannot.
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This abstract is reprinted here with permission from the Federal Reserve Bank of St. Louis: Yi Wen and Huabin Wu, "Dynamics of Externalities: A Second-Order Perspective," Federal Reserve Bank of St. Louis Review, May/June 2011, 93(3), pp. 187-205.
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