This chapter reviews and synthesizes our current understanding of the shocks that drive
economic fluctuations. The chapter begins with an illustration of the problem of identifying …

This article explores the effect of news shocks in open economies using worldwide giant oil
and gas discoveries as a directly observable measure of news shocks about future output …

There is a widespread belief that changes in expectations may be an important independent
driver of economic fluctuations. The news view of business cycles offers a formalization of …

This paper documents large revisions in a widely used series of utilization-adjusted total
factor productivity (TFP) by Fernald (2014) and shows that these revisions can materially …

We propose a novel identification scheme for a nontechnology business cycle shock, which
we label “sentiment”. This is a shock orthogonal to identified surprise and news TFP shocks …

What do patents tell us about the economic effects of future technological improvements?
We identify aggregate and industry-level patent-based news shocks by exploiting changes …

Economic Development highlights the growth and progression of every nation towards
prosperity, and South Africa is not an exception to this phenomenon. Present article reviews …

We uncover technological standardization as a microeconomic mechanism which is vital for
the implementation of new technologies, in particular general purpose technologies. The …

This paper provides new evidence that bouts of optimism and pessimism are an important
source of US business cycles, using the identification schemes based on sign restrictions …

Current and expected unemployment rates contain information that is highly useful to
estimate the effect of news about TFP and to allow a general equilibrium rational …