The spirit of capitalism and expectation-driven business cycles
成果类型：
Article
署名作者：
Karnizova, Lilia
署名单位：
University of Ottawa
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.06.002
发表日期：
2010
页码：
739-752
关键词：
摘要：
While news shocks are believed to be instrumental in explaining business cycles, many existing models fail to predict a boom in consumption, investment, employment, output and asset prices in response to good news about future productivity. A model with the intrinsic desire for wealth is shown to generate the aforementioned responses. A news-driven boom is explained predominantly by an expansion of labor supply and is characterized by the falling real wage. The simulated model not only captures well conventional business cycle statistics, but also reproduces countercyclical real returns and hump-shaped responses of hours and output to an unexpected technology shock. (C) 2010 Elsevier B.V. All rights reserved.
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