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Reexamining the cyclical behavior of the relative price of investment

Author

Listed:
  • Paul Beaudry

    (UBC - University of British Columbia [Canada], NBER - The National Bureau of Economic Research)

  • Alban Moura

    (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Franck Portier

    (TSE-R - Toulouse School of Economics - UT Capitole - Université Toulouse Capitole - Comue de Toulouse - Communauté d'universités et établissements de Toulouse - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

We document the cyclical behavior of the relative price of investment goods for the US economy over the last fifty years. There is no robust evidence that this relative price is countercyclical. For the post-1983 period, it is predominantly procyclical.

Suggested Citation

  • Paul Beaudry & Alban Moura & Franck Portier, 2015. "Reexamining the cyclical behavior of the relative price of investment," Post-Print hal-05527602, HAL.
    • Handle: RePEc:hal:journl:hal-05527602
    DOI: 10.1016/j.econlet.2015.05.011
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    Cited by:

    1. is not listed on IDEAS
    2. Alban Moura, 2020. "Total factor productivity and the measurement of neutral technology," BCL working papers 143, Central Bank of Luxembourg.
    3. Alban Moura, 2018. "Investment Shocks, Sticky Prices, and the Endogenous Relative Price of Investment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 27, pages 48-63, January.
    4. Na, Seunghoon & Oh, Hyunseung, 2025. "Computerizing households and the role of technology shocks in consumer durables," Journal of Macroeconomics, Elsevier, vol. 83(C).
    5. Been‐Lon Chen & Shian‐Yu Liao, 2018. "Durable Goods, Investment Shocks, and the Comovement Problem," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 50(2-3), pages 377-406, March.
    6. Marco Guerrazzi & Giuseppe Candido, 2025. "The determination of the price of capital goods: A differential game approach," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 46(1), pages 222-234, January.
    7. Khan, Hashmat & Metaxoglou, Konstantinos & Knittel, Christopher R. & Papineau, Maya, 2019. "Carbon emissions and business cycles," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 1-19.
    8. Liao, Shian-Yu & Chen, Been-Lon, 2023. "News shocks to investment-specific technology in business cycles," European Economic Review, Elsevier, vol. 152(C).
    9. Cho, Daeha & Kim, Kwang Hwan, 2022. "Inefficient relative price fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    10. Correa-López, Mónica & de Blas, Beatriz, 2021. "Faraway, so close! International transmission in the medium-term cycle of advanced economies," Journal of International Economics, Elsevier, vol. 132(C).
    11. Moura, Alban, 2021. "Are neutral and investment-specific technology shocks correlated?," European Economic Review, Elsevier, vol. 139(C).
    12. Cep Jandi Anwar & Indra Suhendra, 2023. "Measuring Response of Stock Market to Central Bank Independence Shock," SAGE Open, , vol. 13(1), pages 21582440231, February.
    13. Guerrazzi, Marco, 2025. "A two-sector model of optimal growth in which labour is employed only in the industry of investment goods: A complete characterization of equilibrium paths," MPRA Paper 126299, University Library of Munich, Germany.

    More about this item

    Keywords

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    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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