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Autoren: 
Furlanetto, Francesco
Natvik, Gisle James
Seneca, Martin
Datum: 
2011
Schriftenreihe/Nr.: 
Working Paper No. 2011/14
Zusammenfassung: 
Recent studies find that shocks to the marginal efficiency of investment are a main driver of business cycles. Yet, they struggle to explain why consumption co-moves with real variables such as investment and output, which is a typical feature of an empirically recognizable business cycle. In this paper we show that within a conventional business cycle model, rule-of-thumb consumption provides a straightforward explanation of macroeconomic co-movement after a shock to the marginal efficiency of investment.
Schlagwörter: 
investment shocks
consumption
rule-of-thumb consumers
nominal rigidities
co-movement
JEL: 
E32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-7553-624-0
Creative-Commons-Lizenz: 
https://creativecommons.org/licenses/by-nc-nd/4.0/deed.no
Dokumentart: 
Working Paper
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