NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

1050 Massachusetts Avenue, Cambridge, MA 02138

NINETEENTH ANNUAL MACROECONOMICS CONFERENCE

April 2-3, 2004

The Royal Sonesta Hotel

Cambridge, MA

TECHNOLOGY SHOCKS AND AGGREGATE FLUCTUATIONS:

HOW WELL DOES THE RBC MODEL FIT POSTWAR U.S. DATA?

JORDI GALI

CREI and NBER

PAU RABANAL

International Monetary Fund

Discussants: ELLEN MCGRATTAN, Federal Reserve Bank of Minneapolis and NBER

VALERIE RAMEY, UC, San Diego and NBER