| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5913 |
| DP5913 Politician Preferences and Caps on Political Lobbying | |
| Tuvana Pastine; Ivan Pastine | |
| 发表日期 | 2006-11-12 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | When similar patterns of expansion and contraction are observed across sectors, we call this a business cycle. Yet explaining the similarity and synchronization of these cycles across industries remains a puzzle. Whereas output growth across industries is highly correlated, identifiable shocks, like shocks to productivity, are far less correlated. While previous work has examined complementarities in production, we propose that sectors make similar input decisions because of complementarities in information acquisition. Because information about driving forces has a high fixed cost of production and a low marginal cost of replication, it can be more efficient for firms to share the cost of discovering common shocks than to invest in uncovering detailed sectoral information. Firms basing their decisions on this common information make highly correlated production choices. This mechanism amplifies the effects of common shocks, relative to sectoral shocks. |
| 主题 | Financial Economics ; International Macroeconomics ; Public Economics |
| 关键词 | Business cycles Comovement puzzle Costly information Information markets |
| URL | https://cepr.org/publications/dp5913 |
| 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/534765 |
| 推荐引用方式 GB/T 7714 | Tuvana Pastine,Ivan Pastine. DP5913 Politician Preferences and Caps on Political Lobbying. 2006. |
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