Investment Specific Technology Shocks
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Interpreting Investment-Specific Technology Shocks (IST)
Author | : Luca Guerrieri |
Publisher | : DIANE Publishing |
Total Pages | : 47 |
Release | : 2011-05 |
Genre | : Business & Economics |
ISBN | : 1437939074 |
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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.
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