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مقاله Firm-Specific Capital, Nominal Rigidities and the Business Cycle+کد داینر

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عنوان کامل مقاله: Firm-Specific Capital, Nominal Rigidities and the Business Cycle

نویسندگان: Altig, D., L. Christiano, M. Eichenbaum, J. Linde

چکیده مقاله:

This paper formulates and estimates a three-shock U.S. business cycle model. The estimated model accounts for a substantial fraction of the cyclical variation in output and is consistent with the observed inertia in inflation. This is true even though firms in the model re-optimize prices on average once every 1.8 quarters. The key feature of our model underlying this result is that capital is firm-specific. If we adopt the standard assumption that capital is homogeneous and traded in economy-wide rental markets, we find that firms re-optimize their prices on average once every 9 quarters. We argue that the micro implications of the model strongly favor the firm-specific capital specification.

JEL classifications: E3, E4, E5

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