A recent trend in dynamic stochastic general equilibrium (DSGE) modeling has seen frictions and shocks proliferate to improve the fit of macro models. This modeling strategy has been prone to criticism. Among the new frictions, some like the rule-of-thumb behavior of price-setters and the backward indexing of wages and prices lack a convincing micro foundation (Woodford, 2007; Cogley and Sbordone, 2008), whereas of the many shocks now driving these models, some are dubiously structural and do not have a clear economic interpretation (Chari, Kehoe and McGrattan, 2009). But do DSGE models really need to rely on heavy batteries of frictions and shocks to account for the salient features of the postwar U.S. business cycle? The answer we provide in this paper is no.