Title of article
The spiritofcapitalismandexpectation-drivenbusinesscycles
Author/Authors
Lilia Karnizova، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
14
From page
739
To page
752
Abstract
While newsshocksarebelievedtobeinstrumentalinexplainingbusinesscycles,many
existingmodelsfailtopredictaboominconsumption,investment,employment,output
and assetpricesinresponsetogoodnewsaboutfutureproductivity.Amodelwiththe
intrinsicdesireforwealthisshowntogeneratetheaforementionedresponses.Anews-
driven boomisexplainedpredominantlybyanexpansionoflaborsupplyandis
characterizedbythefallingrealwage.Thesimulatedmodelnotonlycaptureswell
conventionalbusinesscyclestatistics,butalsoreproducescountercyclicalrealreturns
and hump-shapedresponsesofhoursandoutputtoanunexpectedtechnologyshock.
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846426
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