| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26507 |
| 来源ID | Working Paper 26507 |
| The Investment Network, Sectoral Comovement, and the Changing U.S. Business Cycle | |
| Christian vom Lehn; Thomas Winberry | |
| 发表日期 | 2019-12-09 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We argue that the network of investment production and purchases across sectors is an important propagation mechanism for understanding business cycles. Empirically, we show that the majority of investment goods are produced by a few “investment hubs” which are more cyclical than other sectors. We embed this network into a multisector business cycle model and show that sector-specific shocks to the investment hubs and their key suppliers have large effects on aggregate employment and drive down labor productivity. Quantitatively, we find that sector-specific shocks to hubs and their suppliers account for an increasing share of aggregate fluctuations over time, generating the declining cyclicality of labor productivity and other changes in business cycle patterns since the 1980s. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Fiscal Policy |
| URL | https://www.nber.org/papers/w26507 |
| 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/584194 |
| 推荐引用方式 GB/T 7714 | Christian vom Lehn,Thomas Winberry. The Investment Network, Sectoral Comovement, and the Changing U.S. Business Cycle. 2019. |
| 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 | ||
| w26507.pdf（3695KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
