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

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タイトル: What is the Major Source of Business Cycles : Spillovers from Land Prices, Investment Shocks, or Anything Else?
著者: Shirota, Toyoichiro 著作を一覧する
キーワード: Source of business cycles
Land price dynamics
Investment shock
Collateral constraint
Bayesian estimation
発行日: 2018年 3月
出版者: Faculty of Economics and Business, Hokkaido University
誌名: Discussion Paper, Series A
巻: 323
開始ページ: 1
終了ページ: 20
抄録: 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.
資料タイプ: bulletin (article)
URI: http://hdl.handle.net/2115/68511
出現コレクション:Series A

提供者: 代田 豊一郎

 

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