Stock Market and Investment Goods Prices: Implications for Macroeconomics
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Stock 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
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美国国家经济研究局创建时间：
2003-10-01
