structural concept based on shock identification and therefore does not need any - often rather arbitrary - statistical filtering … ; semantic cross validation ; shock identification …

, we search for the importance of so-called "news shock". Our main finding is that the news shocks of the anticipated …

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 …