کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
986406 1480825 2011 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Investment-specific technology shocks and international business cycles: An empirical assessment
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Investment-specific technology shocks and international business cycles: An empirical assessment
چکیده انگلیسی

In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the “quantity”, “international comovement”, “Backus–Smith”, and “price” puzzles. Second, we use OECD data for the relative price of investment to build and estimate these IST processes across the U.S. and a “rest of the world” aggregate, showing that they are cointegrated and well represented by a vector error correction model (VECM). Finally, we demonstrate that when we fit such estimated IST processes in the model instead of the calibrated ones, the shocks are actually not as powerful to explain any of the four mentioned puzzles.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Economic Dynamics - Volume 14, Issue 1, January 2011, Pages 136–155
نویسندگان
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