Wen, Yi - Federal Reserve Bank of St. Louis - 2005
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Investment Puzzle, Feldstein-Horioka Puzzle, Productivity, Labor Hoarding, Capacity Utiliza-
tion.
JEL: E13, E20, E32.
This is a …,
productivity, investment, and output over the business cycle. The real business cycle (RBC) the-
ory introduced by Kydland and …, em-
ployment, consumption, and investment, for example, are positively correlated between the U.S.
and Europe. But Backus …