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Investment-specific technology shocks and consumption

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Titill: Investment-specific technology shocks and consumptionInvestment-specific technology shocks and consumption
Höfundur: Seneca, Martin ; Furlanetto, Francesco
URI: http://hdl.handle.net/10802/4782
Útgefandi: Central Bank of Iceland, Economics Department
Útgáfa: 07.2010
Ritröð: Central Bank of Iceland., Working papers ; 49
Efnisorð: Neysluvenjur; Fjárfestingar; Líkön
ISSN: 1028-9445
Tungumál: Enska
Tengd vefsíðuslóð: http://www.econ.ku.dk/personal/henrikj/ZeuthenWorkshop2010/papers/Seneca.pdf
http://www.cb.is/lisalib/getfile.aspx?itemid=8047
Tegund: Skýrsla
Gegnir ID: 001156212
Athugasemdir: Myndefni: línurit
Útdráttur: Modern business cycle models systematically underestimate the correlation between consumption and investment. One reason for this failure is that, generally, positive investment-speciÖc technology shocks induce a negative consumption response. The objective of this paper is to investigate whether a positive consumption response to investment-speciÖc technology shocks can be obtained in a modern business cycle model. We Önd that the answer to this question is yes. With a combination of nominal rigidities and nonseparable preferences, the consumption response is positive for very general parameterisations of the model.


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