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Sectoral fluctuations in U.K. firms' investment expenditures

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  • Christopher Baum

    ()
    (Boston College)

  • Neslihan Ozkan

    ()
    (University of Liverpool)

  • Mustafa Caglayan

    ()
    (University of Liverpool)

Abstract

In this paper, employing VAR and factor analytic models with quarterly U.K. sectoral business investment data, we show that both common and sector-specific shocks play important roles in explaining business investment fluctuations.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 5 (2003)
Issue (Month): 13 ()
Pages: 1-10

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Handle: RePEc:ebl:ecbull:eb-03e20002

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  1. Hornstein, Andreas & Praschnik, Jack, 1997. "Intermediate inputs and sectoral comovement in the business cycle," Journal of Monetary Economics, Elsevier, Elsevier, vol. 40(3), pages 573-595, December.
  2. Mankiw, N Gregory, 1989. "Real Business Cycles: A New Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 3(3), pages 79-90, Summer.
  3. Cooper, Russell & Haltiwanger, John, 1990. "Inventories and the Propagation of Sectoral Shocks," American Economic Review, American Economic Association, American Economic Association, vol. 80(1), pages 170-90, March.
  4. Lawrence H. Summers, 1986. "Some skeptical observations on real business cycle theory," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Fall, pages 23-27.
  5. Denis Kwiatkowski & Peter C.B. Phillips & Peter Schmidt, 1991. "Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That Economic Time Series Have a Unit Root?," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 979, Cowles Foundation for Research in Economics, Yale University.
  6. Fama, Eugene F., 1992. "Transitory variation in investment and output," Journal of Monetary Economics, Elsevier, Elsevier, vol. 30(3), pages 467-480, December.
  7. McCallum, Bennett T, 1986. "On "Real' and "Sticky-Price' Theories of the Business Cycle," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 18(4), pages 397-414, November.
  8. Long, John B, Jr & Plosser, Charles I, 1987. "Sectoral vs. Aggregate Shocks in the Business Cycle," American Economic Review, American Economic Association, American Economic Association, vol. 77(2), pages 333-36, May.
  9. Cooper, Russell & Haltiwanger, John, 1996. "Evidence on Macroeconomic Complementarities," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 78-93, February.
  10. Greenwood, J. & Hercowitz, Z., 1991. "The Allocation of Capital and Time Over the Business Cycle," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 268, University of Rochester - Center for Economic Research (RCER).
  11. Gregory W. Huffman & Mark A. Wynne, 1995. "The role of intratemporal adjustment costs in a multi-sector economy," Working Papers, Federal Reserve Bank of Dallas 9508, Federal Reserve Bank of Dallas.
  12. Jess Benhabib & Richard Rogerson & Randall Wright, 1991. "Homework in macroeconomics: household production and aggregate fluctuations," Staff Report, Federal Reserve Bank of Minneapolis 135, Federal Reserve Bank of Minneapolis.
  13. Lawrence J. Christiano & Richard M. Todd, 1996. "Time to plan and aggregate fluctuations," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Win, pages 14-27.
  14. Horvath, Michael, 2000. "Sectoral shocks and aggregate fluctuations," Journal of Monetary Economics, Elsevier, Elsevier, vol. 45(1), pages 69-106, February.
  15. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(1), pages 39-69, February.
  16. Acemoglu, Daron, 1993. "Learning about Others' Actions and the Investment Accelerator," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 103(417), pages 318-28, March.
  17. Blackley, Paul R., 2000. "Sources of sectoral fluctuations in business fixed investment," Journal of Economics and Business, Elsevier, Elsevier, vol. 52(6), pages 473-484.
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Cited by:
  1. Gallegati, M. & Palestrini, A., 2010. "The complex behavior of firms' size dynamics," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 75(1), pages 69-76, July.
  2. repec:ebl:ecbull:v:12:y:2008:i:35:p:1-8 is not listed on IDEAS

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