Investment specific technology shocks and emerging market business cycle dynamics

This article explores the role played by investment-specific technology (IST) shocks in emerging market business cycle fluctuations. The analysis is motivated by two key empirical facts; the presence of IST change in the post-war US economy combined with the importance of US investment goods in the...

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Detalles Bibliográficos
Autor: Dogan, Aydan
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2019
País:España
Institución:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
Repositorio:Recercat. Dipósit de la Recerca de Catalunya
OAI Identifier:oai:recercat.cat:2445/200121
Acceso en línea:https://hdl.handle.net/2445/200121
Access Level:acceso abierto
Palabra clave:Mercat de futurs
Mercat financer
Transferència de tecnologia
Inversions estrangeres
Tecnologia
Futures market
Financial market
Technology transfer
Foreign investments
Technology
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repository_id_str
spelling Investment specific technology shocks and emerging market business cycle dynamicsDogan, AydanMercat de futursMercat financerTransferència de tecnologiaInversions estrangeresTecnologiaFutures marketFinancial marketTechnology transferForeign investmentsTechnologyThis article explores the role played by investment-specific technology (IST) shocks in emerging market business cycle fluctuations. The analysis is motivated by two key empirical facts; the presence of IST change in the post-war US economy combined with the importance of US investment goods in the emerging market imports. The goal is to quantify the contribution of US IST change for the business cycles of an emerging country in the context of a two-country, two-sector international real business cycle framework with investment and consumption goods sectors. Specifically, I estimate the model using Mexican and US data and find that a permanent US-originating IST shock is important in explaining Mexican business cycle dynamics. Shocks to investment sector technology explain around 60% of the investment, 44% of the consumption and 52% of the output variability. I argue that both a shock that captures financial frictions and a permanent US-originating IST shock are necessary to account for the key business cycle features in the data.Elsevier2023202320192023info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersion19 p.application/pdfhttps://hdl.handle.net/2445/200121Articles publicats en revistes (Economia)reponame:Recercat. Dipósit de la Recerca de Catalunyainstname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)InglésVersió postprint del document publicat a: https://doi.org/10.1016/j.red.2019.03.012Review Of Economic Dynamics, 2019, vol. 34, p. 202-220https://doi.org/10.1016/j.red.2019.03.012cc-by-nc-nd (c) Elsevier, 2019https://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessoai:recercat.cat:2445/2001212026-05-29T05:05:01Z
dc.title.none.fl_str_mv Investment specific technology shocks and emerging market business cycle dynamics
title Investment specific technology shocks and emerging market business cycle dynamics
spellingShingle Investment specific technology shocks and emerging market business cycle dynamics
Dogan, Aydan
Mercat de futurs
Mercat financer
Transferència de tecnologia
Inversions estrangeres
Tecnologia
Futures market
Financial market
Technology transfer
Foreign investments
Technology
title_short Investment specific technology shocks and emerging market business cycle dynamics
title_full Investment specific technology shocks and emerging market business cycle dynamics
title_fullStr Investment specific technology shocks and emerging market business cycle dynamics
title_full_unstemmed Investment specific technology shocks and emerging market business cycle dynamics
title_sort Investment specific technology shocks and emerging market business cycle dynamics
dc.creator.none.fl_str_mv Dogan, Aydan
author Dogan, Aydan
author_facet Dogan, Aydan
author_role author
dc.subject.none.fl_str_mv Mercat de futurs
Mercat financer
Transferència de tecnologia
Inversions estrangeres
Tecnologia
Futures market
Financial market
Technology transfer
Foreign investments
Technology
topic Mercat de futurs
Mercat financer
Transferència de tecnologia
Inversions estrangeres
Tecnologia
Futures market
Financial market
Technology transfer
Foreign investments
Technology
description This article explores the role played by investment-specific technology (IST) shocks in emerging market business cycle fluctuations. The analysis is motivated by two key empirical facts; the presence of IST change in the post-war US economy combined with the importance of US investment goods in the emerging market imports. The goal is to quantify the contribution of US IST change for the business cycles of an emerging country in the context of a two-country, two-sector international real business cycle framework with investment and consumption goods sectors. Specifically, I estimate the model using Mexican and US data and find that a permanent US-originating IST shock is important in explaining Mexican business cycle dynamics. Shocks to investment sector technology explain around 60% of the investment, 44% of the consumption and 52% of the output variability. I argue that both a shock that captures financial frictions and a permanent US-originating IST shock are necessary to account for the key business cycle features in the data.
publishDate 2019
dc.date.none.fl_str_mv 2019
2023
2023
2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/200121
url https://hdl.handle.net/2445/200121
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1016/j.red.2019.03.012
Review Of Economic Dynamics, 2019, vol. 34, p. 202-220
https://doi.org/10.1016/j.red.2019.03.012
dc.rights.none.fl_str_mv cc-by-nc-nd (c) Elsevier, 2019
https://creativecommons.org/licenses/by-nc-nd/4.0/
info:eu-repo/semantics/openAccess
rights_invalid_str_mv cc-by-nc-nd (c) Elsevier, 2019
https://creativecommons.org/licenses/by-nc-nd/4.0/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 19 p.
application/pdf
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv Articles publicats en revistes (Economia)
reponame:Recercat. Dipósit de la Recerca de Catalunya
instname:Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
instname_str Varias* (Consorci de Biblioteques Universitáries de Catalunya, Centre de Serveis Científics i Acadèmics de Catalunya)
reponame_str Recercat. Dipósit de la Recerca de Catalunya
collection Recercat. Dipósit de la Recerca de Catalunya
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.812455

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