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Investment shocks and the relative price of investment
Justiniano, Alejandro; Primiceri, Giorgio E.; … - 2009
investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the … relative price of investment. The second shock affects the production of installed capital from investment goods or, more … broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U …
Persistent link: https://www.econbiz.de/10003948199
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Investment Shocks and the Relative Price of Investment
Justiniano, Alejandro - 2009
investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the … relative price of investment. The second shock affects the production of installed capital from investment goods or, more … broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U …
Persistent link: https://www.econbiz.de/10013153123
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Perceived uncertainty shocks, excess optimism-pessimism, and learning in the business cycle
Chatterjee, Pratiti; Milani, Fabio - 2020
What are the effects of beliefs, sentiment, and uncertainty, over the business cycle? To answer this question, we develop a behavioral New Keynesian macroeconomic model, in which we relax the assumption of rational expectations. Agents are, instead, boundedly rational: they have a...
Persistent link: https://www.econbiz.de/10012294890
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The Great Moderation : inventories, shocks or monetary policy?
Förster, Marcel - 2013
This paper presents a New Keynesian DSGE model with inventory holding firms. The model distinguishes between goods and materials, for both production as well as for inventories. The more detailed treatment of inventory holdings offers new insights into the determinants of business cycles before...
Persistent link: https://www.econbiz.de/10010208560
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10013119292
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Business Cycle Effects of Credit and Technology Shocks in a DSGE Model with Firm Defaults
Pesaran, M. Hashem - 2011
financial institutions in the transmission of credit and technology shocks to the real economy. A positive credit shock, defined … between loan and deposit rates. The effects of the credit shock tend to be highly persistent even without price rigidities and …
Persistent link: https://www.econbiz.de/10013119521
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Business cycles with cyclical returns to scale
Hyun, Jay; Kim, Ryan; Lee, Byoungchan - 2022
We study business cycles with cyclical returns to scale. Contrary to tightly parameterized production functions (Cobb-Douglas and Constant Elasticity of Substitution), we empirically identify strong input complementarity that leads to procyclical returns to scale. We therefore propose a flexible...
Persistent link: https://www.econbiz.de/10013260122
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How important are consumer confidence shocks for the propagation of business cycles in Bulgaria?
Vasilev, Aleksandar - 2019
This paper takes an otherwise standard real-business-cycle setup with government sector, and augments it with shocks to consumer confidence to study business cycle fluctuations. A surprise increase in consumer confidence generates higher utility, as the household values consumption more in...
Persistent link: https://www.econbiz.de/10012147221
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What are the effects of technology shocks on international labor markets?
Rujin, Svetlana - 2019
How do international labor markets respond to a technology shock and what is the main transmission channel across …
Persistent link: https://www.econbiz.de/10011998955
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New evidence, old puzzles : technology shocks and labor market dynamics
Balleer, Almut - In: Quantitative economics : QE ; journal of the … 3 (2012) 3, pp. 363-392
Can the standard search-and-matching labor market model replicate the business cycle fluctuations of the job finding rate and the unemployment rate? In the odel, these fluctuations are driven by movements in productivity. This paper inestigates the sources of productivity fluctuations that are...
Persistent link: https://www.econbiz.de/10011756844