| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7643 |
| DP7643 Imperfect information and the business cycle | |
| Harris Dellas; Frank Smets; Fabrice Collard | |
| 发表日期 | 2010-01-17 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Imperfect information has played a prominent role in modern business cycle theory. This paper assesses its importance by estimating the New Keynesian (NK) model under alternative informational assumptions. One version focuses on confusion between temporary and persistent disturbances. Another, on unobserved variation in the inflation target of the central bank. A third on persistent misperceptions of the state of the economy (measurement error). And a fourth assumes perfect information (the standard NK{DSGE version). Imperfect information is found to contain considerable explanatory power for business fluctuations. Signal extraction seems to provide a conceptually satisfactory, empirically plausible and quantitatively important business cycle mechanism. |
| 主题 | International Macroeconomics |
| 关键词 | Bayesian estimation Imperfect information New keynesian model Signal extraction |
| URL | https://cepr.org/publications/dp7643 |
| 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/536480 |
| 推荐引用方式 GB/T 7714 | Harris Dellas,Frank Smets,Fabrice Collard. DP7643 Imperfect information and the business cycle. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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