| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14982 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w14982 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572658 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Jennifer La',O. Noisy Business Cycles. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14982.pdf（784KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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