TY - BOOK ID - 84543321 TI - Aggregate Investment Expenditures on Tradable and Nontradable Goods PY - 2008 SN - 1462367917 1452791473 1283515806 1451913605 9786613828255 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Investments KW - Non-traded goods KW - Commercial products KW - Commodities KW - Economic goods KW - Merchandise KW - Products, Commercial KW - Commodity exchanges KW - Manufactures KW - Substitute products KW - Non-tradables KW - Nontradables KW - Nontraded goods KW - International trade KW - Investing KW - Investment management KW - Portfolio KW - Finance KW - Disinvestment KW - Loans KW - Saving and investment KW - Speculation KW - Econometric models. KW - Contracting out KW - Macroeconomics KW - Public Finance KW - Industries: Manufacturing KW - National Government Expenditures and Related Policies: General KW - Personal Income, Wealth, and Their Distributions KW - Macroeconomics: Consumption KW - Saving KW - Wealth KW - General Aggregative Models: General KW - Industry Studies: Manufacturing: General KW - Public finance & taxation KW - Manufacturing industries KW - Expenditure KW - Personal income KW - Consumption KW - National accounts KW - Manufacturing KW - Expenditures, Public KW - Income KW - Economics KW - National income KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84543321 AB - This paper shows that aggregate investment expenditure shares on tradable and nontradable goods are very similar across countries and regions. Furthermore, the two expenditure shares have remained close to constant over time, with the average expenditure share on nontradables varying between 0.54-0.62 over the 1960-2004 period. These empirical findings offer a new restriction for two-sector models of the aggregate economy. Combined with the fact that the relative price of nontradables correlates positively with income and exhibits large differences across space and time, our findings suggest that tradable and nontradable goods in investment can be modeled using the Cobb-Douglas aggregator. ER -