New Perspectives on Depreciation Shocks as a Source of Business Cycle Fluctuations

dc.contributor.author	Furlanetto, Francesco
dc.contributor.author	Seneca, Martin
dc.date.accessioned	2018-05-03T11:03:16Z
dc.date.available	2018-05-03T11:03:16Z
dc.date.issued	2011
dc.identifier.isbn	978-82-7553-598-4
dc.identifier.issn	1502-8143
dc.identifier.uri	http://hdl.handle.net/11250/2496962
dc.description.abstract	In this paper we study the transmission for capital depreciation shocks. The existing literature in the Real Business Cycle tradition has concluded that these shocks are irrelevant for business cycle fluctuations. We show that these shocks are potentially important drivers of aggregate fluctuations in a New Keynesian model. Nominal rigidities and some persistence in the shock process are the key ingredients to generate co-movement across real variables.	nb_NO
dc.language.iso	eng	nb_NO
dc.publisher	Norges Bank	nb_NO
dc.relation.ispartofseries	Working Papers;2/2011
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	depreciation shocks	nb_NO
dc.subject	investment-specific technology shocks	nb_NO
dc.subject	consumption	nb_NO
dc.subject	nominal rigidities	nb_NO
dc.subject	co-movement	nb_NO
dc.title	New Perspectives on Depreciation Shocks as a Source of Business Cycle Fluctuations	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	41	nb_NO

Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal