| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23136 |
| 来源ID | Working Paper 23136 |
| The Anatomy of Sentiment-Driven Fluctuations | |
| Sushant Acharya; Jess Benhabib; Zhen Huo | |
| 发表日期 | 2017-02-06 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We show that sentiments - self-fulfilling changes in beliefs that are orthogonal to fundamentals - can drive persistent aggregate fluctuations under rational expectations. Such fluctuations can occur even in the absence of any exogenous aggregate fundamental shocks. In addition, sentiments also alter the volatility and persistence of aggregate outcomes in response to fundamental changes. We characterize conditions under which sentiments drive persistent fluctuations and when they only affect aggregate outcomes contemporaneously. We also discuss how these sentiments are related to noise shocks- driven fluctuations studied in the literature on information frictions. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w23136 |
| 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/580810 |
| 推荐引用方式 GB/T 7714 | Sushant Acharya,Jess Benhabib,Zhen Huo. The Anatomy of Sentiment-Driven Fluctuations. 2017. |
| 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 | ||
| w23136.pdf（575KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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