| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5892 |
| DP5892 Inequality and Schooling Responses to Globalization Forces: Lessons from History | |
| Jeffrey G. Williamson | |
| 发表日期 | 2006-10-15 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We propose a model that generates an economic expansion in response to good news about future total factor productivity (TFP) or investment-specific technical change. The model has three key elements: variable capital utilization, adjustment costs to investment, and preferences that exhibit a weak short-run wealth effect on the labour supply. These preferences nest the two classes of utility functions most widely used in the business cycle literature as special cases. Our model can generate recessions that resemble those of the post-war U.S. economy without relying on negative productivity shocks. The recessions are caused not by contemporaneous negative shocks but rather by lackluster news about future TFP or investment-specific technical change. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Expectations News |
| URL | https://cepr.org/publications/dp5892 |
| 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/534724 |
| 推荐引用方式 GB/T 7714 | Jeffrey G. Williamson. DP5892 Inequality and Schooling Responses to Globalization Forces: Lessons from History. 2006. |
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