Comment

摘要

This comment has raised serious questions about the plausibility of Beaudry and Lucke's findings. The data do not support their conclusion that news shocks drive out other technology shocks and are the primary mover of the business cycle. A balanced view of the data suggests a role for both investment and news shocks. One Beaudry and Lucke finding appears to be robust: neutral shocks are not important for the business cycle. Of course, these conclusions are subject to the caveat described in the previous section.