In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international … relative price of investment to build and estimate these IST processes across the United States and a "rest of the world … as powerful to explain any of the four mentioned puzzles. -- international business cycles ; cointegration ; investment …

by just enhancing the standard frame- work with investment adjustment costs can resolve the 'productivity-hours puzzle'. …

needed to reap the benefits of an investment-specific technology shock and gradual labor-market matching, generates hump …This paper studies the implications of technical progress through investment-specific technical change in a business … persistent endogenous fluctuations in total factor productivity. Simulations suggest a limited role for investment …

co-moves with GDP and the response of investment to a positive investment shock is attenuated. In the model with …Various papers have identified shocks to investment as major drivers of output, investment, hours, and interest rates …. These investment shocks have been linked to financial frictions because financial markets are instrumental in transforming …

investment-specific technology shocks in generating fluctuations in hours. Using a neoclassical stochastic growth model, we show …

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 …

This paper investigates the short-run impact of Investment-Specific Technology (IST) Shocks on macroeconomics variables … namely; Aggregate Investment, Aggregate Consumption and Gross Domestic Product using the VAR(p) model and quarterly data of …, yet, a shock to IST influence a change in aggregate consumption. Inferences from impulse response function (IRF) showed …

needed to reap the benefits of an investment-specific technology shock and gradual labor-market matching, generates hump …This paper studies the implications of technical progress through investment-specific technical change in a business … persistent endogenous fluctuations in total factor productivity. Simulations suggest a limited role for investment …

In this paper, we first introduce investment-specific technology (IST) shocks into an otherwise standard international … Economic Co-operation and Development for the relative price of investment to build and estimate these IST processes across the …

We provide empirical evidence that a positive shock to technology drives up per capita hours worked, consumption …, investment, average productivity and output. This evidence contrasts sharply with the results reported in a large and growing … literature that argues, on the basis of aggregate data, that per capita hours worked fall after a positive technology shock. We …