| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5605 |
| DP5605 Boosting Your Instruments: Estimation with Overidentifying Inequality Moment Conditions | |
| Frank Schorfheide; Hyungsik Roger Moon | |
| 发表日期 | 2006-03-29 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model against three key facts that describe short-run fluctuations: the acceleration phenomenon, the smoothness of real wages, and the gradual response of real variables to shocks. We find that pervasive stickiness is required to fit the facts. We conclude that models based on stickiness of information offer the promise of fitting the facts on business cycles while adding only one new plausible ingredient to the classical benchmark. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Sticky information |
| URL | https://cepr.org/publications/dp5605 |
| 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/534453 |
| 推荐引用方式 GB/T 7714 | Frank Schorfheide,Hyungsik Roger Moon. DP5605 Boosting Your Instruments: Estimation with Overidentifying Inequality Moment Conditions. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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