Abstract In order to identify investment-specific technology (IST), most DSGE models assume a perfect inverse relationship between IST and the relative price of investment (RPI). This paper explores this relationship and provides evidence that the RPI also responds to changes in market power, which I find constitutes a third of volatility in the RPI. To corroborate this conclusion, two competing models are produced; the first is a two-sector model with a wedge separating the identification of IST with the inverse of the RPI. The RPI wedge is then estimated using Bayesian estimation techniques. A second, richer two-sector model is produced, where firms can vary markups depending on the number of competitors. This paper finds that changes in relative markups are highly correlated with the RPI wedge and help explain the sudden increase in the RPI following the Great Recession in the United States. In addition, with endogenous price markups, non-IST shocks can explain over a third of the volatility observed in the RPI, with marginal efficiency of investment contributing approximately 30 percent of the volatility in the RPI.

中文翻译：

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投资楔形的相对价格揭示了投资专用技术的作用？

摘要为了识别特定于投资的技术（IST），大多数DSGE模型都假定IST与相对投资价格（RPI）之间存在理想的逆关系。本文探讨了这种关系，并提供了证据表明RPI也对市场力量的变化做出了响应，我发现这构成RPI波动性的三分之一。为了证实这一结论，产生了两个相互竞争的模型。第一个是两部分模型，其中有一个楔形将IST的标识与RPI的倒数分开。然后使用贝叶斯估计技术来估计RPI楔。产生了第二种更丰富的两部门模型，公司可以根据竞争者的数量改变加价幅度。本文发现相对标记的变化与RPI楔形高度相关，并有助于解释美国大萧条后RPI的突然增加。此外，由于内源性价格上涨，非IST冲击可以解释RPI中观察到的三分之一以上的波动，而投资的边际效率约占RPI中波动的30％。