习惯形成和新闻驱动的商业周期

IF 2.3 3区经济学 Q2 ECONOMICS

Review of Economic Dynamics Pub Date : 2025-02-13 DOI:10.1016/j.red.2025.101273

Fengqi Liu , Keqing Liu , Jianpo Xue

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引用次数: 0

摘要

本文证明，在标准的实际商业周期（RBC）模型中，仅内部消费习惯就足以在关键宏观经济总量之间产生积极的运动，以响应有关未来生产率的新闻。我们强调了与内部习惯相关的预期渠道，通过该渠道，新闻冲击的影响传递到现在，刺激当前消费、劳动力和投资。没有这个渠道，其他形式的偏好，如外在习惯，就无法产生积极的运动。并对模型的定量性能进行了讨论。可以说，我们提供了几乎最小的偏离RBC框架，以产生新闻驱动的商业周期。

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Habit formation and news-driven business cycles

This paper demonstrates that, in a standard real business cycle (RBC) model, internal consumption habits alone are sufficient to generate positive comovements among key macroeconomic aggregates in response to news about future productivity. We highlight the prospective channel associated with internal habits, through which the effect of news shocks is transmitted to the present, stimulating current consumption, labor, and investment. Without this channel, other forms of preferences such as external habits fail to generate the positive comovements. The quantitative performance of the model is also discussed. Arguably, we provide a nearly minimal departure from the RBC framework to generate news-driven business cycles.

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来源期刊

Review of Economic Dynamics ECONOMICS-

CiteScore

3.30

自引率

0.00%

发文量

期刊介绍： Review of Economic Dynamics publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We will publish contributions in any area of economics provided they meet the highest standards of scientific research.