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Investment Shocks and Business Cycles / Alejandro Justiniano, Giorgio E. Primiceri, Andrea Tambalotti.
- Format:
- Book
- Author/Creator:
- Justiniano, Alejandro.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15570.
- NBER working paper series no. w15570
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- We study the driving forces of fluctuations in an estimated New Neoclassical Synthesis model of the U.S. economy with several shocks and frictions. In this model, shocks to the marginal efficiency of investment account for the bulk of fluctuations in output and hours at business cycle frequencies. Imperfect competition and, to a lesser extent, technological frictions are the key to their transmission. Labor supply shocks explain a large fraction of the variation in hours at very low frequencies, but are irrelevant over the business cycle. This is important because their microfoundations are widely regarded as unappealing.
- Notes:
- Print version record
- December 2009.
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