Investment shocks and macroeconomic co-movement

被引：11

作者：

Furlanetto, Francesco ^{[1
]}

Natvik, Gisle J. ^{[1
]}

Seneca, Martin ^{[1
]}

机构：

[1] Norges Bank, N-0107 Oslo, Norway

来源：

JOURNAL OF MACROECONOMICS | 2013年 / 37卷

关键词：

Investment shocks; Consumption; Rule-of-thumb consumers; Nominal rigidities; Co-movement; OF-THUMB CONSUMERS; BUSINESS CYCLES; MONETARY-POLICY; STICKY PRICES; PARTICIPATION; CONSUMPTION; PRINCIPLE; DEMAND; MODELS; RULES;

D O I：

10.1016/j.jmacro.2013.03.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Recent studies find that shocks to the marginal efficiency of investment are main drivers of business cycles. However, they struggle to explain why consumption co-moves with key real variables such as investment and output. In this paper, we show that, within a conventional business cycle model, rule-of-thumb consumption provides a straightforward explanation of macroeconomic co-movement after a shock to the marginal efficiency of investment. (c) 2013 Elsevier Inc. All rights reserved.

引用

页码：208 / 216

页数：9

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