000			02217cam a22003377 4500
001			w10031
003			NBER
005			20211020112916.0
006			m o d
007			cr cnu||||||||
008			210910s2003 mau fo 000 0 eng d
100	1		_aChristiano, Lawrence J. _98039
245	1	0	_aStock Market and Investment Goods Prices: _bImplications for Macroeconomics / _cLawrence J. Christiano, Jonas D. M. Fisher.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2003.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w10031
500			_aOctober 2003.
520	3		_aStock market prices, a measure of the marginal cost of installed capital, are procyclical. Yet, prices of investment goods, the main input into new installed capital, are countercyclical. We exploit this information to identify the driving forces of the business cycle and the nature of capital installation costs. In our model installation costs are increasing in the growth of investment, and the business cycle is driven by permanent investment-specific technology shocks and transitory neutral technology shocks. When calibrated to the capital price observations, the model does well at accounting for the main features of asset returns and the business cycle of macroeconomic aggregates. In addition, unlike most other models, our's accounts for sectoral comovement in both output and factor inputs.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE10 - General _2Journal of Economic Literature class.
690		7	_aE32 - Business Fluctuations • Cycles _2Journal of Economic Literature class.
700	1		_aFisher, Jonas D. M. _910490
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w10031.
856	4	0	_uhttps://www.nber.org/papers/w10031
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w10031
942			_2ddc _cW-PAPER
999			_c338144 _d296706