Supply Shocks in Macroeconomics
Supply shocks played an important role in macroeconomic fluctuations during the 1970's. Supply shocks are also increasingly important in Keynesian and neo-classical models of the business cycle. This paper is a short survey of these theoretical models. It also discusses the history of supply shocks in recent business cycles.
Published Versions
Shapiro, Matthew D. "Supply Shocks in Macroeconomics," The New Palgrave, London: Macmillan, 1987.
Shapiro, Matthew D. "Are Cyclical Fluctuations In Productivity Due More To Supply Shocks Or Demand Shocks?," American Economic Review, 1987, v77(2), 118-124.
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