What is the Major Source of Business Cycles : Spillovers from Land Prices, Investment Shocks, or Anything Else?

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説明

Some recent studies argue that spillovers from land prices into the aggregate economy are the crucial drivers of business cycles. Other studies stress the importance of investment shocks at business cycle frequencies. This study evaluates these two strands of the literature in a single unified framework by estimating a New Keynesian dynamic stochastic general equilibrium model with a collateral constraint on investment financing. The results are twofold: (i) when these features are combined, neither shocks that drives most of land-price fluctuations nor investment shocks are the primary source of U.S. business cycles; and (ii) technology shocks play an important role in business cycles.

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詳細情報 詳細情報について

  • CRID
    1050845763955374336
  • NII論文ID
    120006410565
  • DOI
    10.1016/j.jmacro.2018.06.002
  • HANDLE
    2115/68511
  • ISSN
    01640704
  • 本文言語コード
    en
  • 資料種別
    departmental bulletin paper
  • データソース種別
    • IRDB
    • CiNii Articles
    • OpenAIRE

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