Modeling aggregate investment: a fundamentalist approach
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2003 - Business & Economics - 41 pages
5 pages matching moment-matching approach in this book
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90 percent conﬁdence adjusting the capital adjustment costs annual rate Athanasios Orphanides Banking Brian Sack capacity utilization capital intensity capital on investment capital stock capital-intensity of production capital-output ratio capital-stock adjustment speed centered 90 percent Christiano consumer spending convex cost cost of capital cost shocks costly adjustment costs of adjusting Effect of Output Effect of UserCost Eichenbaum equation estimates in column Federal Reserve Board FIML estimation ﬁrm ﬁrm-level data ﬁrm-level studies ﬁrm’s ﬁrst-order conditions ﬁt implies Inﬂation intensity of production interest rates Investment 0.15 investment model investment to output lines are upper log-linear log-linear model Market measure model impulse response model with costly moment-matching approach Monetary Policy Oliner output and user output and user-cost output shock percent conﬁdence interval putty-clay qcoef rate of capital reduced-form impulse response reduced-form model response of investment Shock on Investment speciﬁcation standard model sticky prices user cost user-cost shocks