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Interpreting Investment Specific Technology Shocks Ist
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Book Synopsis Interpreting Investment-Specific Technology Shocks (IST) by : Luca Guerrieri
Download or read book Interpreting Investment-Specific Technology Shocks (IST) written by Luca Guerrieri and published by DIANE Publishing. This book was released on 2011-05 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: IST shocks are often interpreted as multi-factor productivity (MFP) shocks in a separate investment-producing sector. However, this interpretation is strictly valid only when some stringent conditions are satisfied. Some of these conditions are at odds with the data. Using a two-sector model whose calibration is based on the U.S. Input-Output Tables, the authors consider the implications of relaxing several of these conditions. They show how the effects of IST shocks in a one-sector model differ from those of MFP shocks to an investment-producing sector of a two-sector model. MFP shocks induce a positive short-run correlation between consumption and investment consistent with U.S. data, while IST shocks do not. Illus. This is a print on demand report.
Book Synopsis Interpreting Investment-specific Technology Shocks by : Luca Guerrieri
Download or read book Interpreting Investment-specific Technology Shocks written by Luca Guerrieri and published by . This book was released on 2010 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment - Specific Technology Shocks and International Business Cycles by : International Monetary Fund
Download or read book Investment - Specific Technology Shocks and International Business Cycles written by International Monetary Fund and published by . This book was released on 2006-07-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we first introduce investment-specific technology (IST) shocks to an otherwise standard international real business cycle model and show that a thoughtful calibration of them along the lines of Raffo (2009) successfully addresses the "quantity", "international comovement", "Backus-Smith", and "price" puzzles. Second, we use OECD data for the relative price of investment to build and estimate these IST processes across the U.S and a "rest of the world" aggregate, showing that they are cointegrated and well represented by a vector error correction model (VECM). Finally, we demonstrate that when we fit such estimated IST processes in the model instead of the calibrated ones, the shocks are actually not as powerful to explain any of the four montioned puzzles.
Book Synopsis Investment-specific Technology Shocks by : Kaiji Chen
Download or read book Investment-specific Technology Shocks written by Kaiji Chen and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Growth Opportunities, Technology Shocks, and Asset Prices by : Leonid Kogan
Download or read book Growth Opportunities, Technology Shocks, and Asset Prices written by Leonid Kogan and published by . This book was released on 2012 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore the impact of investment-specific technology (IST) shocks on the crosssection of stock returns. IST shocks reflect technological advances embodied in new capital goods. Using a structural model, we show that IST shocks have a differential effect on the two fundamental components of firm value, the value of assets in place and the value of growth opportunities. This differential sensitivity to IST shocks has two main implications. First, risk premia on firms with abundant growth opportunities are different from those on firms with limited growth opportunities. Second, firms with similar levels of growth opportunities comove with each other, giving rise to the value factor in stock returns. Our model replicates the failure of the conditional CAPM to capture the value premium. Our empirical tests confirm the model's predictions for asset returns and investment rates -- National Bureau of Economic Research web site.
Book Synopsis Technology Shocks and Aggregate Fluctuations by : Mr.Pau Rabanal
Download or read book Technology Shocks and Aggregate Fluctuations written by Mr.Pau Rabanal and published by International Monetary Fund. This book was released on 2004-12-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Book Synopsis Investment-specific Technology Shocks and International Business Cycles by :
Download or read book Investment-specific Technology Shocks and International Business Cycles written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment-specific News Dominates TFP News in Driving U.S. Business Cycles by : Nadav Ben Zeev
Download or read book Investment-specific News Dominates TFP News in Driving U.S. Business Cycles written by Nadav Ben Zeev and published by . This book was released on 2016 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment Specific Technology Shocks and Emerging Market Business Cycle Dynamics by : Aydan Dogan
Download or read book Investment Specific Technology Shocks and Emerging Market Business Cycle Dynamics written by Aydan Dogan and published by . This book was released on 2017 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article explores the role of investment specific technology shocks for emerging market business cycle fluctuations. The analysis is motivated by two key empirical facts; the presence of investment specific technical change in the post-war US economy together with the importance of investment goods for the emerging market imports. The goal of this paper is to quantify the contribution of the investment specific technical change in the US for the business cycles of an emerging country in the context of a two country, two sector international real business cycle framework with investment and consumption goods sectors. We estimate the model for Mexico and US data and find that a permanent US originating investment specific technology shock is very important in explaining the Mexican output and investment dynamics. This shock explains around 80% of the investment variability and it accounts for the around 45% of the output variability. We argue that the model's ability to account for the important business cycle features of the data is dependent on the presence of shocks that capture financial frictions as well as a permanent investment specific technology shock that originates in the US.
Book Synopsis Investment-specific Technology Shocks and International Business Cycles by :
Download or read book Investment-specific Technology Shocks and International Business Cycles written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investment-specific Technology Shocks and Consumption by : Franscesco Furlanetto
Download or read book Investment-specific Technology Shocks and Consumption written by Franscesco Furlanetto and published by . This book was released on 2010 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Neutral and Investment-specific Technology Shocks Correlated? by : Alban Moura
Download or read book Are Neutral and Investment-specific Technology Shocks Correlated? written by Alban Moura and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Technology Shocks written by Andrea Raffo and published by DIANE Publishing. This book was released on 2010 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the joint dynamics of internat. prices and quantities remains a central issue in internat. bus. cycles. Internat. relative prices appreciate when domestic consumption and output increase more than their foreign counterparts. In addition, both trade flows and trade prices display sizable volatility. This paper incorporates Hicks-neutral and investment-specific TS into a standard two-country general equilibrium model with variable capacity utilization and weak wealth effects on labor supply. Investment-specific TS introduce a source of fluctuations in absorption similar to taste shocks, thus reconciling theory and data. Also presents implications for the transmission mechanism of TS across countries. Illus. This is a print on demand pub.
Book Synopsis The Dynamic Effects of Neutral and Investment-Specific Technology Shocks by : Jonas D. M. Fisher
Download or read book The Dynamic Effects of Neutral and Investment-Specific Technology Shocks written by Jonas D. M. Fisher and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The neoclassical growth model is used to identify the short-run effects of neutral technology shocks, which affect the production of all goods homogeneously, and investment-specific shocks, which affect only investment goods. The real equipment price, crucial for identifying the investment shocks, experiences an abrupt increase in its average rate of decline in 1982, so the analysis is based on a split sample. On the basis of the preferred specification, the two technology shocks account for 73 percent of hours' and 44 percent of output's business cycle variation before 1982, and 38 percent and 80 percent afterward. The shocks also account for more than 40 percent of hours' and 58 percent of output's forecast errors over a three- to eight-year horizon in both samples. The majority of these effects are driven by the investment shocks.
Book Synopsis The Measurement of Durable Goods Prices by : Robert J. Gordon
Download or read book The Measurement of Durable Goods Prices written by Robert J. Gordon and published by University of Chicago Press. This book was released on 2007-12-01 with total page 744 pages. Available in PDF, EPUB and Kindle. Book excerpt: American business has recently been under fire, charged with inflated pricing and an inability to compete in the international marketplace. However, the evidence presented in this volume shows that the business community has been unfairly maligned—official measures of inflation and the standard of living have failed to account for progress in the quality of business equipment and consumer goods. Businesses have actually achieved higher productivity at lower prices, and new goods are lighter, faster, more energy efficient, and more reliable than their predecessors. Robert J. Gordon has written the first full-scale work to treat the extent of quality changes over the entire range of durable goods, from autos to aircraft, computers to compressors, from televisions to tractors. He combines and extends existing methods of measurement, drawing data from industry sources, Consumer Reports, and the venerable Sears catalog. Beyond his important finding that the American economy is more sound than officially recognized, Gordon provides a wealth of anecdotes tracing the postwar history of technological progress. Bolstering his argument that improved quality must be accurately measured, Gordon notes, for example, that today's mid-range personal computers outperform the multimillion-dollar mainframes of the 1970s. This remarkable book will be essential reading for economists and those in the business community.
Book Synopsis News Shocks, Long-Run Risk, and Asset Returns by : Soohun Kim
Download or read book News Shocks, Long-Run Risk, and Asset Returns written by Soohun Kim and published by . This book was released on 2017 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the long-run risk embedded in the news about future investment-specific technology (IST). The IST news shock, which reflects future technological improvements in the production of investment goods such as computers, machines, and equipment, causes persistent future consumption growth, explains a large share of business cycle fluctuations in macro aggregates, and affects stock returns through the channel of expected cash flow growth. Consistent with the long-run consumption risk hypothesis, we find that the IST news shock carries a significantly positive risk premium in the cross section of asset returns and drives firm cash flows over long horizons.
Book Synopsis Investment-specific Technology Shocks and Labor Market Frictions by : Reinout De Bock
Download or read book Investment-specific Technology Shocks and Labor Market Frictions written by Reinout De Bock and published by . This book was released on 2007 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
