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Vol. 85, No. 6 (Posted 2003-11-01)

The Use of Long-Run Restrictions for the Identification of Technology Shocks

by Neville Francis, Michael T. Owyang, and Athena T. Theodorou

Economists have long assumed that shocks (i.e., unexpected changes) to technology affect the business cycle, though they are difficult to identify. Neville Francis, Michael Owyang, and Athena Theodorou review the current methods of identifying them and propose a framework to expand the existing literature.

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