A Nonlinear Model of the Business Cycle
A Nonlinear Model of the Business Cycle
复制标题
经济周期的非线性模型
DOI：
10.2202/1558-3708.1058
复制
发表时间：
2000
影响因子：
0.8
通讯作者：
Simon M. Potter
中科院分区：
文献类型：
--
作者：
Simon M. Potter
现在有大量的经验证据表明，商业周期波动包含着不对称性。我专注于一个理论模型，旨在捕捉一个大的负冲击后的总产出的非线性行为。贝叶斯更新和信息外部性引入的非线性产生了这样一种经济，在这种经济中，对巨大的负面冲击的反应是未来产出的增加。扩张性效应是由负面冲击产生的，它告诉人们什么事不该做。
There is now a great deal of empirical evidence that business cycle fluctuations contain asymmetries. I focus on a theoretical model intended to capture the nonlinear behavior of aggregate output following a large negative shock. Nonlinearity introduced by Bayesian updating and an information externality produces an economy in which the response to large negative shocks is an increase in future output. The expansionary effect is produced by the negative shock imparting information about what not to do.