dc.contributor.author | Furlanetto, Francesco | |
dc.contributor.author | Seneca, Martin | |
dc.date.accessioned | 2018-05-08T07:10:06Z | |
dc.date.available | 2018-05-08T07:10:06Z | |
dc.date.issued | 2010 | |
dc.identifier.isbn | 978-82-7553-587-8 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2497430 | |
dc.description.abstract | Current business cycle models systematically underestimate the correlation between consumption and investment. One reason for this failure is that a positive investment-specific technology shock generally induces a negative consumption response. The objective of this paper is to investigate whether positive consumption responses to investment-specific technology shocks can be obtained in a modern business cycle model. We find that the answer to this question is yes. With a combination of nominal rigidities and non-separable preferences, the consumption response is positive for general parameterisations of the model. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;30/2010 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: E32 | nb_NO |
dc.subject | GHH preferences | nb_NO |
dc.subject | investment-specific technology shocks | nb_NO |
dc.subject | consumption | nb_NO |
dc.subject | nominal rigidities | nb_NO |
dc.subject | comovement | nb_NO |
dc.title | Investment-Specific Technology Shocks and Consumption | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 46 | nb_NO |