| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP4615
|
| DP4615 Towards a Lender of First Resort |
| Daniel Cohen; Richard Portes
|
| 发表日期 | 2004-09-23
|
| 出版年 | 2004
|
| 语种 | 英语
|
| 摘要 | It is often argued that changes in expectation are an important driving force of the business cycle. It is well known, however, that changes in expectations cannot generate positive co-movement between consumption, investment and employment in the most standard neo-classical business cycle models. This gives rise to the question of whether changes in expectation can cause business cycle fluctuations in any neo-classical setting or whether such a phenomenon is inherently related to market imperfections. This Paper offers a systematic exploration of this issue. Our finding is that expectation driven business cycle fluctuations can arise in neo-classical models when one allows for a sufficiently rich description of the inter-sectorial production technology; however, such a structure is rarely allowed or explored in macro-models. In particular, the key characteristic which we isolate as giving rise to the possibility of expectation driven business cycles is that intermediate good producers exhibit cost complementarities (i.e., economies of scope) when supplying goods to different sectors of the economy. |
| 主题 | International Macroeconomics
|
| 关键词 | Business cycles
Expectations
Multi-sectoral models
|
| URL | https://cepr.org/publications/dp4615
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533536
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推荐引用方式
GB/T 7714 |
Daniel Cohen,Richard Portes. DP4615 Towards a Lender of First Resort. 2004.
|
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