| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14215 |
| 来源ID | Working Paper 14215 |
| What's News in Business Cycles | |
| Stephanie Schmitt-Grohe; Martin Uribe | |
| 发表日期 | 2008-08-14 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | In this paper, we perform a structural Bayesian estimation of the contribution of anticipated shocks to business cycles in the postwar United States. Our theoretical framework is a real-business-cycle model augmented with four real rigidities: investment adjustment costs, variable capacity utilization, habit formation in consumption, and habit formation in leisure. Business cycles are assumed to be driven by permanent and stationary neutral productivity shocks, permanent investment-specific shocks, and government spending shocks. Each of these shocks is buffeted by four types of structural innovations: unanticipated innovations and innovations anticipated one, two, and three quarters in advance. We find that anticipated shocks account for more than two thirds of predicted aggregate fluctuations. This result is robust to estimating a variant of the model featuring a parametric wealth elasticity of labor supply. |
| 主题 | Econometrics ; Estimation Methods ; Macroeconomics ; Macroeconomic Models ; Business Cycles |
| URL | https://www.nber.org/papers/w14215 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571889 |
| 推荐引用方式 GB/T 7714 | Stephanie Schmitt-Grohe,Martin Uribe. What's News in Business Cycles. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14215.pdf（268KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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