| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11543 |
| DP11543 Reputation Cycles | |
| Julien Prat; Boyan Jovanovic | |
| 发表日期 | 2016-09-28 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper shows that endogenous cycles can arise when contracts between firms and their customers are incomplete and when products are experience goods. Then firms invest in the quality of their output in order to establish a good reputation. Cycles arise because investment in reputation causes self-fulfilling changes in the discount factor. Cycles are more likely to occur when information diffuses slowly and consumers exhibit high risk aversion. A rise in idiosyncratic uncertainty is of two kinds that work in opposite ways: Noise in observing effort is contractionary as it generally is in agency models. But a rise in the variance of the distribution of abilities is expansionary. A calibrated version produces realistic fluctuations in terms of peak-to-trough movements in consumption and the spacing of time between recessions. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Endogenous fluctuations Reputation Intangible capital |
| URL | https://cepr.org/publications/dp11543 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540357 |
| 推荐引用方式 GB/T 7714 | Julien Prat,Boyan Jovanovic. DP11543 Reputation Cycles. 2016. |
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