| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6747 |
| DP6747 Trade Policy and Innovation | |
| Hylke Vandenbussche; Huasheng Song | |
| 发表日期 | 2008-03-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Shocks to the marginal efficiency of investment are the most important drivers of business cycle fluctuations in US output and hours. Moreover, these disturbances drive prices higher in expansions, like a textbook demand shock. We reach these conclusions by estimating a DSGE model with several shocks and frictions. We also find that neutral technology shocks are not negligible, but their share in the variance of output is only around 25 percent, and even lower for hours. Labour supply shocks explain a large fraction of the variation of hours at very low frequencies, but not over the business cycle. Finally, we show that imperfect competition and, to a lesser extent, technological frictions are the key to the transmission of investment shocks in the model. |
| 主题 | International Macroeconomics |
| 关键词 | Bayesian Dsge model Endogenous markups Imperfect competition |
| URL | https://cepr.org/publications/dp6747 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535594 |
| 推荐引用方式 GB/T 7714 | Hylke Vandenbussche,Huasheng Song. DP6747 Trade Policy and Innovation. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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