Residential Investment, Non-residential Investment and GDP |
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| Authors: | N. Edward Coulson Myeong-Soo Kim |
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| Affiliation: | Penn State University, University Park, PA 16802 or .;Korean Research Institute for Human Settlement, Seoul, Korea. |
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| Abstract: | We examine the causality and influence of residential and non-residential investment with respect to GDP and its components in a multivariate, vector autoregressive context, with some care devoted to the appropriate orthogonalization of the shocks which drive the various components of GDP. We find that residential investment shocks are more important in the determination of GDP than non-residential investment shocks. |
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