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interpreting investment specific technology shocks ist

Tham khảo sách 'interpreting investment specific technology shocks ist', kỹ thuật - công nghệ, cơ khí - chế tạo máy phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Board of Governors of the Federal Reserve System International Finance Discussion Papers Number 1000 June 2010 Interpreting Investment-Specific Technolog Shocks Luca Gucrricn Dale Henderson Jinill Kim NOTE International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers other than an acknowledgment that the writer has had access to unpublished material should be cleared with the author or authors. Recent IFDPs arc available on the Web at ww W.tcdcralrcscrvc.gpv pubs itdp . Illis paper can be downloaded without charge from the Social Science Research Network electronic library at www.ssm.com. interpreting Investment-Specific Technology Shocks Luca Guerrieri. Dale Henderson and Jinill Kim June 2010 Abstract Investment-specific technology 1ST shocks arc often interpreted as multi-factor productivity MFP shocks in a separate investment-producing sector. However this interpretation is strictly valid only when some stringent conditions are satisfied. Sonic of these conditions are at odds with the data. Using a Iwo-sector mtxiel whose calibration is based on the U.S. Input-Output Tables we consider the implications of relaxing several of these conditions. In particular we show how the effects of 1ST shocks in a one-sector model differ from those of MFP shocks to an investment-producing sector of a two-sector model. Importantly with a menu of shocks drawn from recent empirical studies. MFP shocks induce a positive short-run correlation between consumption and investment consistent with U.S. data while 1ST shocks do not. Keywords DSGE Models. Multi-Factor Productivity Shocks. Investment-Specific Technology Shocks JEL Classification El3. E32 Affiliation and contact information Luca Ciuetrieti. Federal Reserve iiXiid. telephone 1202 452 2550. email lu a.gucrricri ftt . ov Dale Henderson. Georgetown University email hcndersdft1 gcorgekiwn.edu . Jinill Kim. I c kr il