News and Business Cycles in Open Economies
News and Business Cycles in Open Economies
复制标题
开放经济中的新闻和商业周期
DOI：
10.1111/j.1538-4616.2008.00179.x
复制
发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Sergio Rebelo
中科院分区：
文献类型：
--
作者：
Nir Jaimovich;Sergio Rebelo
总体和部门共同变动是商业周期数据的主要特征。因此，产生协动的能力是宏观经济模型的自然试金石。但这是一次考验，大多数现有的模型都失败了。在这篇文章中，我们提出了一个统一的模型，该模型同时产生总量和部门协动，以应对同时发生的冲击和有关基本面的新闻冲击。我们考虑的基本面是总的和部门的全要素生产率冲击以及特定于投资的技术变化。该模型有三个关键要素：可变资本利用、投资调整成本和一种新的偏好形式，允许我们将短期财富效应对劳动力供应的影响程度参数化。
Aggregate and sectoral comovement are central features of business cycle data. Therefore, the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most existing models fail. In this paper we propose a unified model that generates both aggregate and sectoral comovement in response to contemporaneous shocks and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral TFP shocks as well as investment-specific technical change. The model has three key elements: variable capital utilization, adjustment costs to investment, and a new form of preferences that allow us to parameterize the strength of short-run wealth effects on the labor supply.
影响因子：
10.7
作者：
Justiniano, Alejandro;Primiceri, Giorgio E.
通讯作者：
Primiceri, Giorgio E.