| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13370 |
| DP13370 Pigouvian Cycles | |
| Leonardo Melosi; Renato Faccini | |
| 发表日期 | 2018-12-06 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Low-frequency variations in current and expected unemployment rates are important to identify TFP news shocks and to allow a general equilibrium rational expectations model to generate Pigouvian cycles: a large fraction of the comovement of output, consumption, investment, employment, and real wages is explained by changes in expectations unrelated to TFP fundamentals. The model predicts that the start (end) of most U.S. recessions is associated with agents realizing that previous enthusiastic (lukewarm) expectations about future TFP would not be met. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Identification of shocks Tfp news Noise shocks The great recession Bayesian estimation Labor market trends Employment gap |
| URL | https://cepr.org/publications/dp13370-0 |
| 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/542181 |
| 推荐引用方式 GB/T 7714 | Leonardo Melosi,Renato Faccini. DP13370 Pigouvian Cycles. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
