{"title":"评论","authors":"G. Lorenzoni","doi":"10.1086/658319","DOIUrl":null,"url":null,"abstract":"There is a growing literature exploring how news about future economic developments can produce business cycle fluctuations in the short run. The paper by Den Haan and Lozej and its immediate predecessor (Den Haan and Kaltenbrunner 2009) explore whether search frictions in the labor market help generate a boom driven by good news about future productivity. In particular, the 2009 paper looks at a closed economy, whereas the current paper looks at an open economy. In this discussion, I will first give an overview of the general mechanism that is at the basis of both papers and then comment on the open-economy case. Consider a starkly simplified version of their model. Take a twoperiod economy with a continuum of workers. Workers’ preferences are represented by","PeriodicalId":353207,"journal":{"name":"NBER International Seminar on Macroeconomics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Comment\",\"authors\":\"G. Lorenzoni\",\"doi\":\"10.1086/658319\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"There is a growing literature exploring how news about future economic developments can produce business cycle fluctuations in the short run. The paper by Den Haan and Lozej and its immediate predecessor (Den Haan and Kaltenbrunner 2009) explore whether search frictions in the labor market help generate a boom driven by good news about future productivity. In particular, the 2009 paper looks at a closed economy, whereas the current paper looks at an open economy. In this discussion, I will first give an overview of the general mechanism that is at the basis of both papers and then comment on the open-economy case. Consider a starkly simplified version of their model. Take a twoperiod economy with a continuum of workers. Workers’ preferences are represented by\",\"PeriodicalId\":353207,\"journal\":{\"name\":\"NBER International Seminar on Macroeconomics\",\"volume\":\"3 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2011-05-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"NBER International Seminar on Macroeconomics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1086/658319\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"NBER International Seminar on Macroeconomics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1086/658319","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
There is a growing literature exploring how news about future economic developments can produce business cycle fluctuations in the short run. The paper by Den Haan and Lozej and its immediate predecessor (Den Haan and Kaltenbrunner 2009) explore whether search frictions in the labor market help generate a boom driven by good news about future productivity. In particular, the 2009 paper looks at a closed economy, whereas the current paper looks at an open economy. In this discussion, I will first give an overview of the general mechanism that is at the basis of both papers and then comment on the open-economy case. Consider a starkly simplified version of their model. Take a twoperiod economy with a continuum of workers. Workers’ preferences are represented by
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