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dc.contributor.authorJustiniano, Alejandroen
dc.contributor.authorPrimiceri, Giorgio E.en
dc.contributor.authorTambalotti, Andreaen
dc.date.accessioned2010-05-07-
dc.date.accessioned2012-08-17T14:34:31Z-
dc.date.available2012-08-17T14:34:31Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x411en
dc.subject.jelC11en
dc.subject.jelE22en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordBusiness cyclesen
dc.subject.keywordfinancial factorsen
dc.subject.keywordinvestment-specific technologyen
dc.subject.keywordDSGE modelen
dc.subject.stwKonjunkturtheorieen
dc.subject.stwKonjunkturen
dc.subject.stwSchocken
dc.subject.stwTechnischer Fortschritten
dc.subject.stwKonsumen
dc.subject.stwInvestitionen
dc.subject.stwRelativer Preisen
dc.subject.stwSparenen
dc.subject.stwZinsstrukturen
dc.subject.stwWirtschaftskriseen
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.titleInvestment shocks and the relative price of investment-
dc.typeWorking Paperen
dc.identifier.ppn622842773en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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