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The Impact Effects of Investment-Specific Technology Shocks in a small Open Economy:Value Function Iteration Approach

윤재형
경제연구소 (Hanyang Economic Research Institute)|2006.05|Journal of Economic Research (JER)|제11권 제1호|pp. 127-155

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참고문헌

주제분류경제학

초록

Abstract

This paper examines the impact eect on business cycles of in-vestment specic technology shocks in a small open economy.Our model is solved qualitatively and simulated by value func-tion iteration and transition probability iteration method. Ourpaper supports Keynes’ view that shocks to the marginal e-ciency of investment is important for business uctuations. Ourmodel is able to duplicate many of the stylized facts of business cy-cles in Korea. Theoretical and quantitative analyses uggest thatinvestment-specic technology shock provide a meaningful expla-nation to Korean economic uctuations. The shock has positiveeects on macroeconomic variables except for trade balance.

참고문헌 (11)

  1. "Solving Dynamic Equilibrium Models by a Method of Undetermined Coecients", 225 (1998)
  2. "Journal of Economic Theory", pp.133~152 (1983)
  3. "Long Run Implication of Investment Specic Technological Change", 87, pp.342~362 (1997)
  4. "The Role of Investment Specic Technological Change in the Business Cycle", 44, pp.91~115 (2000)
  5. "Series on Public Policy", 46, pp.49~96 (1997)
  6. "The General Theory of Employment" (1936), Macmillan
  7. "Time to Build and Aggregate Fluc-tuations", eco(metrica), pp.1345~1370 (1982)
  8. "Journal of PoliticalEconomy 91", pp.39~69 (1983)
  9. "Capital Controls and the Gains from Trade in a Busi-ness Cycle Model of a Small Open Economy", pp.480~505 (1991)
  10. "Real Business Cycles in a Small Open Economy", pp.797~818 (1991)
  11. "University of Rochester Tobin’s q and the Rate of Investment in General Equi-librium Carnegie-Rochester Conference Series on Public Policy", pp.107~154 (1980)

관련 논문AI추천

Investment-Specific Technology Shock in an International Real Business Cycle Model: The Korea Case김준영, 윤재형한국경제학회 · The Korean Economic Review2004 · 제20권 제1호DEVALUATION, INVESTMENT AND FACTOR INTENSITY IN TWO-SECTOR TWO-FACTOR SMALL OPEN ECONOMYYOUNGKULWON한국경제학회 · The Korean Economic Review2003 · 제19권 제1호The Asset Price and Investment Technology유진아보험연구원 · 보험금융연구2010 · 제21권 제2호Real Shocks and Equilibrium Real Exchange Rate in A Specific Goods Model김희호, 박장환한국경제학회 · The Korean Economic Review2004 · 제20권 제2호Decomposing the Cyclical Movements in the Real Price of Equipment김광환대외경제정책연구원 · East Asian Economic Review2009 · 제13권 제1호The Performance of Targeting Monetary Policies in a Small Open Economy남광희경제연구소 · Seoul Journal of Economics2005 · 제18권 제2호

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