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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...
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We provide evidence regarding the dynamic behaviour of net labour flows across U.S. states in response to a positive technology shock. Technology shocks are identified as disturbances that increase relative state productivity in the long run for 226 state pairs, encompassing 80 per cent of...
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Empirical observations raise interesting questions regarding the sources of the excessive volatility in the R&D sector as well as the nature of the relation between the sector and aggregate fluctuations. Using US data for the period 1959–2007, we identify sectoral technology and capital...
Persistent link: https://www.econbiz.de/10012564318
United States Bureau of Economic Analysis and National Science Foundation, we show that technology innovations are the main …. After taking nominal innovations into consideration, such as shocks in monetary policy and inflation, capital investment … in the output of the non-R&D sector. Technology innovations jointly explain most of the variation of output in the R …
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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...
Persistent link: https://www.econbiz.de/10013153123