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来源类型Working Paper
规范类型报告
DOI10.3386/w14982
来源IDWorking Paper 14982
Noisy Business Cycles
George-Marios Angeletos; Jennifer La'; O
发表日期2009-05-21
出版年2009
语种英语
摘要This paper investigates a real-business-cycle economy that features dispersed information about the underlying aggregate productivity shocks, taste shocks, and, potentially, shocks to monopoly power. We show how the dispersion of information can (i) contribute to significant inertia in the response of macroeconomic outcomes to such shocks; (ii) induce a negative short-run response of employment to productivity shocks; (iii) imply that productivity shocks explain only a small fraction of high-frequency fluctuations; (iv) contribute to significant noise in the business cycle; (v) formalize a certain type of demand shocks within an RBC economy; and (vi) generate cyclical variation in observed Solow residuals and labor wedges. Importantly, none of these properties requires significant uncertainty about the underlying fundamentals: they rest on the heterogeneity of information and the strength of trade linkages in the economy, not the level of uncertainty. Finally, none of these properties are symptoms of inefficiency: apart from undoing monopoly distortions or providing the agents with more information, no policy intervention can improve upon the equilibrium allocations.
主题Microeconomics ; Game Theory ; Welfare and Collective Choice ; Economics of Information
URLhttps://www.nber.org/papers/w14982
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/572658
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GB/T 7714
George-Marios Angeletos,Jennifer La',O. Noisy Business Cycles. 2009.
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