-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

This paper explores the importance of investment-specific technology changes in anticipated TFP fluctuations. To this … shocks to the relative price of investment. We show in a model with IST diffusion and spillover that the correlation of these … productivity of the rest of the economy …

-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

indivisible investment and predetermined goods prices. The model features no aggregate exogenous shocks, and the fluctuation is … driven by idiosyncratic productivity shocks. Numerical simulations show that the model generates aggregate fluctuations …