by dividing the supply shocks such as neutral and investment-specific technology into surprise part and anticipated part … investment-specific as well as neutral technology are the major component that drives Japanese economic movements: The surprise … of the movements in consumption. The surprise investment-specific technology shocks seem not to be important in …

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an … 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 …