Gold rush fever in business cycles
成果类型：
Article
署名作者：
Beaudry, Paul; Collard, Fabrice; Portier, Franck
署名单位：
Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; University of British Columbia; University of Adelaide
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.01.001
发表日期：
2011
页码：
84-97
关键词：
摘要：
A flexible price model of the business cycle is proposed, in which fluctuations are driven primarily by inefficient movements in investment around a stochastic trend. A boom in the model arises when investors rush to exploit new market opportunities even though the resulting investments simply crowd out the value of previous investments. A metaphor for such profit driven fluctuations are gold rushes, as they are periods of economic boom associated with expenditures aimed at securing claims near new found veins of gold. An attractive feature of the model is its capacity to provide a simple structural interpretation to the properties of a standard consumption and output Vector Autoregression. (C) 2011 Elsevier B.V. All rights reserved.
来源URL：