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Firm-Specific Capital, Nominal Rigidities and the Business Cycle

Author

Listed:
  • David Altig

    (Federal Reserve Bank of Atlanta)

  • Lawrence Christiano

    (Northwestern University)

  • Martin Eichenbaum

    (Northwestern University)

  • Jesper Linde

    (Sveriges Riksbank)

Abstract

This paper formulates and estimates a three-shock US business cycle model. The estimated model accounts for a substantial fraction of the cyclical variation in output and is consistent with the observed inertia in inflation. This is true even though firms in the model reoptimize prices on average once every 1.8 quarters. The key feature of our model underlying this result is that capital is firm-specific. If we adopt the standard assumption that capital is homogeneous and traded in economy-wide rental markets, we find that firms reoptimize their prices on average once every 9 quarters. We argue that the micro implications of the model strongly favor the firm-specific capital specification. (Copyright: Elsevier)

Suggested Citation

  • David Altig & Lawrence Christiano & Martin Eichenbaum & Jesper Linde, 2011. "Firm-Specific Capital, Nominal Rigidities and the Business Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 14(2), pages 225-247, April.
    • Handle: RePEc:red:issued:09-191
    DOI: 10.1016/j.red.2010.01.001
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    More about this item

    Keywords

    Sticky prices and wages; Inflation inertia; Monetary policy shocks; Neutral and investment-specific technology shocks; Structural vector autoregressive (VAR) model;
    All these keywords.

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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