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Applying Johansen cointegration test to U.S. annual data constructed from the EU KLEMS database, the paper documents … non-linear cointegration test framework developed by Kapetanios et al. (2006), that the cointegrating relation is non …-linear. The cointegration of sectoral productivities is also documented in the empirical findings of Schmitt-Grohé and Uribe (2011 …
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We estimate a New-Neoclassical Synthesis model of the business cycle 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 …
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