Justiniano, Alejandro; Primiceri, Giorgio E; … - C.E.P.R. Discussion Papers - 2009
We estimate a New-Neoclassical Synthesis business cycle model with two investment shocks. The first, an investment …-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of … investment. The second shock affects the production of installed capital from investment goods or, more broadly, the …