Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/72664
Authors: 
Bachmann, Ruediger
Zorn, Peter
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper 4218
Abstract: 
Using firm-level survey data for the West German manufacturing sector, this paper revisits the technology-driven business cycle hypothesis for the case of aggregate investment. We construct a survey-based measure of technology shocks to gauge their contribution to short-run investment fluctuations. We estimate an upper bound for the contribution of technology shocks to the variance of the aggregate investment growth rate of 19 percent. The larger part of fluctuations in aggregate investment can be attributed to finance and demand shocks, which we also extract from the survey data.
Subjects: 
technology shocks
investment dynamics
investment determinants
survey data
JEL: 
E20
E22
E30
E32
O47
Document Type: 
Working Paper

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