Title of article
Investmentshocksandbusinesscycles$
Author/Authors
Alejandro Justiniano، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
14
From page
132
To page
145
Abstract
The originsofbusinesscyclesarestillcontroversialamongmacroeconomists.Thispaper
contributestothisdebatebystudyingthedrivingforcesoffluctuationsinanestimated
new neoclassicalsynthesismodeloftheU.S.economy.Inthismodel,mostofthe
variabilityofoutputandhoursatbusinesscyclefrequenciesisduetoshocksto
themarginalefficiencyofinvestment.Imperfectcompetitionand,toalesserextent,
technologicalfrictionsarethekeytotheirtransmission.Althoughlaborsupplyshocks
explainalargefractionofthefluctuationsinhoursatverylowfrequencies,theyare
irrelevantoverthebusinesscycle.Thisfindingisimportantbecausethemicrofounda-
tionsofthesedisturbancesarewidelyregardedasunappealing
Keywords
DSGE modelDurable consumptiongoodsImperfect competitionEndogenous markupsBayesian methods
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846380
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