Technology shocks, capital utilization and sticky prices

Chetan Dave; Scott J. Dressier

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Technology shocks, capital utilization and sticky prices

机译：技术冲击，资本利用和粘性价格

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We quantitatively evaluate a business-cycle environment featuring endogenous capital utilization and nominal price rigidity that illustrates a negative relationship between labor hours and technology (TFP) shocks and a positive relationship between hours and investment (MEI) shocks. Sticky prices induce firms to suppress changes in output due to TFP shocks through changes in the utilization rate of the existing capital stock and labor demand. MEI shocks have an indirect impact on output via their link with capital utilization, and are shown to be the dominant driver of post-1979 US business cycles.

机译：我们定量评估以内生资本利用和名义价格刚性为特征的商业周期环境，该环境说明了工时与技术（TFP）冲击之间的负相关关系以及工时与投资（MEI）冲击之间的正相关关系。粘性价格诱使企业通过改变现有资本存量的利用率和劳动力需求来抑制由于全要素生产率冲击而导致的产出变化。 MEI冲击通过与资本利用的联系而对产出产生间接影响，并被证明是1979年后美国商业周期的主要驱动力。

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来源
《Journal of Economic Dynamics and Control》 |2010年第10期|p.2179-2191|共13页
作者
Chetan Dave; Scott J. Dressier;
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作者单位

Univesity of Texas at Dallas, School of Economic, Political and Policy Sciences, 800 W. Campbell Road, Richardson, TX 75080, USA;

Villanova University, 800 Lancaster Avenue, Viltanova, PA 19085-1699, USA;

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正文语种 eng
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business-cycle shocks; total factor productivity; marginal efficiency of investment; nominal rigidities;

机译：商业周期冲击;全要素生产率;投资边际效率;名义刚性;

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1. Real business cycles, sticky wages or sticky prices? The impact of technology shocks on US manufacturing [J] . James R. Malley, V. Anton Muscatelli, Ulrich Woitek European Economic Review . 2005,第3期

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2. Dynamics Of A Sticky Price Small Open Economy Facing Technology Shocks: Why Be Open? [J] . Hakan Tasci Applied Economics . 2008,第16a18期

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3. Price stickiness and the contractionary effect of technology shocks [J] . Domenico J. Marchetti, Francesco Nucci European Economic Review . 2005,第5期

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4. WHAT IF OIL IS LESS SUBSTITUTABLE? A NEW-KEYNESIAN MODEL WITH OIL, PRICE AND WAGE STICKINESS INCLUDING CAPITAL ACCUMULATION [C] . Verónica Acurio Vásconez IAEE international conference;International Association for Energy Economics . 2016

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6. The capital-asset-pricing model and arbitrage pricing theory: A unification [O] . M. Ali Khan, Yeneng Sun 1997

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7. How well do the sticky price models explain the disaggregated price responses to aggregate technology and monetary policy shocks? [O] . Jouchi Nakajima, Nao Sudo, Takayuki Tsuruga 100

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Technology shocks, capital utilization and sticky prices

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