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Investment-specific technology shocks and consumption

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dc.contributor Seneca, Martin is
dc.contributor.author Furlanetto, Francesco is
dc.date.accessioned 2013-12-20T14:20:05Z
dc.date.available 2013-12-20T14:20:05Z
dc.date.issued 2010-07
dc.identifier.issn 1028-9445
dc.identifier.uri http://hdl.handle.net/10802/4782
dc.description Myndefni: línurit is
dc.description.abstract 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. en
dc.format.extent 37 s. is
dc.language.iso en
dc.publisher Central Bank of Iceland, Economics Department is
dc.relation.ispartofseries Central Bank of Iceland., Working papers ; 49
dc.relation.uri http://www.econ.ku.dk/personal/henrikj/ZeuthenWorkshop2010/papers/Seneca.pdf
dc.relation.uri http://www.cb.is/lisalib/getfile.aspx?itemid=8047 is
dc.subject Neysluvenjur is
dc.subject Fjárfestingar is
dc.subject Líkön is
dc.title Investment-specific technology shocks and consumption en
dc.type Skýrsla is
dc.identifier.gegnir 001156212


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