Interpreting shocks to the relative price of investment with a two‐sector model
研究了永久改变投资价格的冲击如何导致消费和投资在商业周期中同向变动，并用一个不可加总的美国投入产出表特征模型更好地拟合了实证证据。
Summary Consumption and investment comove over the business cycle in response to shocks that permanently move the price of investment. The interpretation of these shocks has relied on standard one‐sector models or on models with two or more sectors that can be aggregated. We show that the same interpretation can also be motivated with a model that captures key features of the US Input–Output Tables and cannot be aggregated into a standard one‐sector model. Our alternative model yields a closer match to the empirical evidence of positive comovement for consumption and investment subject shocks that permanently move the price of investment.