| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10031 |
| 来源ID | Working Paper 10031 |
| Stock Market and Investment Goods Prices: Implications for Macroeconomics | |
| Lawrence J. Christiano; Jonas D. M. Fisher | |
| 发表日期 | 2003-10-13 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Stock market prices, a measure of the marginal cost of installed capital, are procyclical. Yet, prices of investment goods, the main input into new installed capital, are countercyclical. We exploit this information to identify the driving forces of the business cycle and the nature of capital installation costs. In our model installation costs are increasing in the growth of investment, and the business cycle is driven by permanent investment-specific technology shocks and transitory neutral technology shocks. When calibrated to the capital price observations, the model does well at accounting for the main features of asset returns and the business cycle of macroeconomic aggregates. In addition, unlike most other models, our's accounts for sectoral comovement in both output and factor inputs. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Business Cycles |
| URL | https://www.nber.org/papers/w10031 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567655 |
| 推荐引用方式 GB/T 7714 | Lawrence J. Christiano,Jonas D. M. Fisher. Stock Market and Investment Goods Prices: Implications for Macroeconomics. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10031.pdf（559KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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