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dc.contributor.authorJustiniano, Alejandroen_US
dc.contributor.authorPrimiceri, Giorgio E.en_US
dc.contributor.authorTambalotti, Andreaen_US
dc.date.accessioned2010-05-07en_US
dc.date.accessioned2012-08-17T14:34:31Z-
dc.date.available2012-08-17T14:34:31Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/60815-
dc.description.abstractWe 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 the production of installed capital from investment goods or, more broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U.S. business cycle fluctuations in the postwar period and that it is likely to proxy for more fundamental disturbances to the functioning of the financial sector. To corroborate this interpretation, we show that the shock correlates strongly with interest rate spreads and that it played a particularly important role in the recession of 2008.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 411en_US
dc.subject.jelC11en_US
dc.subject.jelE22en_US
dc.subject.jelE32en_US
dc.subject.ddc330en_US
dc.subject.keywordBusiness cyclesen_US
dc.subject.keywordfinancial factorsen_US
dc.subject.keywordinvestment-specific technologyen_US
dc.subject.keywordDSGE modelen_US
dc.subject.stwKonjunkturtheorieen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwSchocken_US
dc.subject.stwTechnischer Fortschritten_US
dc.subject.stwKonsumen_US
dc.subject.stwInvestitionen_US
dc.subject.stwRelativer Preisen_US
dc.subject.stwSparenen_US
dc.subject.stwZinsstrukturen_US
dc.subject.stwWirtschaftskriseen_US
dc.subject.stwSch├Ątzungen_US
dc.subject.stwUSAen_US
dc.titleInvestment shocks and the relative price of investmenten_US
dc.typeWorking Paperen_US
dc.identifier.ppn622842773en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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