Title of article :
Investmentshocksandbusinesscycles$
Author/Authors :
Alejandro Justiniano، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2010
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
Journal title :
Journal of Monetary Economics
