| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13444 |
| DP13444 Booms and Busts with Dispersed Information | |
| Kenza Benhima | |
| 发表日期 | 2019-01-11 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Dispersed information can generate booms and busts in economic activity. Boom-bust dynamics appear when firms are initially over-optimistic about demand due to a noisy private news. Consequently, they overproduce, which generates a boom and depresses their markups. Because the news is private, firms cannot relate these low markups to aggregate optimism. As low markups can also signal low demand, this overturns their expectations, generating a bust. We emphasize a novel role for imperfect common knowledge: dispersed information makes firms ignorant about their competitors' actions, which makes them confuse high noise-driven supply with low fundamental demand. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Imperfect common knowledge Expectations Recessions |
| URL | https://cepr.org/publications/dp13444 |
| 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/542259 |
| 推荐引用方式 GB/T 7714 | Kenza Benhima. DP13444 Booms and Busts with Dispersed Information. 2019. |
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