Interpreting Investment Specific Technology Shocks PDF Download
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Author | : Luca Guerrieri |
Publisher | : DIANE Publishing |
Total Pages | : 47 |
Release | : 2011-05 |
Genre | : Business & Economics |
ISBN | : 1437939074 |
Download Interpreting Investment-Specific Technology Shocks (IST) Book in PDF, ePub and Kindle
IST shocks are often interpreted as multi-factor productivity (MFP) shocks in a separate investment-producing sector. However, this interpretation is strictly valid only when some stringent conditions are satisfied. Some of these conditions are at odds with the data. Using a two-sector model whose calibration is based on the U.S. Input-Output Tables, the authors consider the implications of relaxing several of these conditions. They show how the effects of IST shocks in a one-sector model differ from those of MFP shocks to an investment-producing sector of a two-sector model. MFP shocks induce a positive short-run correlation between consumption and investment consistent with U.S. data, while IST shocks do not. Illus. This is a print on demand report.
Author | : Luca Guerrieri |
Publisher | : |
Total Pages | : 47 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download Interpreting Investment-specific Technology Shocks Book in PDF, ePub and Kindle
Author | : Mr.Pau Rabanal |
Publisher | : International Monetary Fund |
Total Pages | : 68 |
Release | : 2004-12-01 |
Genre | : Business & Economics |
ISBN | : 1451875657 |
Download Technology Shocks and Aggregate Fluctuations Book in PDF, ePub and Kindle
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author | : Aydan Dogan |
Publisher | : |
Total Pages | : 46 |
Release | : 2017 |
Genre | : |
ISBN | : |
Download Investment Specific Technology Shocks and Emerging Market Business Cycle Dynamics Book in PDF, ePub and Kindle
This article explores the role of investment specific technology shocks for emerging market business cycle fluctuations. The analysis is motivated by two key empirical facts; the presence of investment specific technical change in the post-war US economy together with the importance of investment goods for the emerging market imports. The goal of this paper is to quantify the contribution of the investment specific technical change in the US for the business cycles of an emerging country in the context of a two country, two sector international real business cycle framework with investment and consumption goods sectors. We estimate the model for Mexico and US data and find that a permanent US originating investment specific technology shock is very important in explaining the Mexican output and investment dynamics. This shock explains around 80% of the investment variability and it accounts for the around 45% of the output variability. We argue that the model's ability to account for the important business cycle features of the data is dependent on the presence of shocks that capture financial frictions as well as a permanent investment specific technology shock that originates in the US.
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Total Pages | : |
Release | : 2010 |
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Download Investment-specific Technology Shocks and International Business Cycles Book in PDF, ePub and Kindle
Author | : International Monetary Fund |
Publisher | : |
Total Pages | : 29 |
Release | : 2006-07-07 |
Genre | : |
ISBN | : 9781455205387 |
Download Investment - Specific Technology Shocks and International Business Cycles Book in PDF, ePub and Kindle
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 montioned puzzles.
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Total Pages | : 0 |
Release | : 2010 |
Genre | : |
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Download Investment-specific Technology Shocks and International Business Cycles Book in PDF, ePub and Kindle
Author | : Kaiji Chen |
Publisher | : |
Total Pages | : |
Release | : 2014 |
Genre | : |
ISBN | : |
Download Investment-specific Technology Shocks Book in PDF, ePub and Kindle
Author | : Jonas D. M. Fisher |
Publisher | : |
Total Pages | : |
Release | : 2015 |
Genre | : |
ISBN | : |
Download The Dynamic Effects of Neutral and Investment-Specific Technology Shocks Book in PDF, ePub and Kindle
The neoclassical growth model is used to identify the short-run effects of neutral technology shocks, which affect the production of all goods homogeneously, and investment-specific shocks, which affect only investment goods. The real equipment price, crucial for identifying the investment shocks, experiences an abrupt increase in its average rate of decline in 1982, so the analysis is based on a split sample. On the basis of the preferred specification, the two technology shocks account for 73 percent of hours' and 44 percent of output's business cycle variation before 1982, and 38 percent and 80 percent afterward. The shocks also account for more than 40 percent of hours' and 58 percent of output's forecast errors over a three- to eight-year horizon in both samples. The majority of these effects are driven by the investment shocks.
Author | : Franscesco Furlanetto |
Publisher | : |
Total Pages | : 37 |
Release | : 2010 |
Genre | : Capital investments |
ISBN | : |
Download Investment-specific Technology Shocks and Consumption Book in PDF, ePub and Kindle