Title of article :
Gold rushfeverinbusinesscycles
Author/Authors :
Paul Beaudry، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2011
Abstract :
A flexiblepricemodelofthebusinesscycleisproposed,inwhichfluctuationsaredriven
primarilybyinefficientmovementsininvestmentaroundastochastictrend.Aboomin
themodelariseswheninvestorsrushtoexploitnewmarketopportunitieseventhough
theresultinginvestmentssimplycrowdoutthevalueofpreviousinvestments.
A metaphorforsuchprofitdrivenfluctuationsaregoldrushes,astheyareperiodsof
economicboomassociatedwithexpendituresaimedatsecuringclaimsnearnewfound
veins ofgold.Anattractivefeatureofthemodelisitscapacitytoprovideasimple
structuralinterpretationtothepropertiesofastandardconsumptionandoutputVector
Autoregression
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
