Business Cycles With A Common Trend in Neutral and Investment-Specific Productivity
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This paper identifies a new source of business-cycle fluctuations. Namely, a common stochastic trend in neutral and investment-specific productivity. We document that in U.S. postwar quarterly data total factor productivity (TFP) and the relative price of investment are cointegrated. We show
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美国国家经济研究局创建时间：
2010-06-01
