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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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Hokkaido University Collection of Scholarly and Academic Papers  

Autor(es)

Shirota, Toyoichiro - 

Id.: 71109490

Idioma: inglés  - 

Versión: 1.0

Estado: Final

Palabras claveSource of business cycles - 

Tipo de recurso: bulletin (article)  - 

Tipo de Interactividad: Expositivo

Nivel de Interactividad: muy bajo

Audiencia: Estudiante  -  Profesor  -  Autor  - 

Estructura: Atomic

Coste: no

Copyright: sí

Requerimientos técnicos:  Browser: Any - 

Fecha de contribución: 21-mar-2018

Contacto:

Localización:
* Discussion Paper, Series A, 323: 1-20

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