Nominal rigidities, news-driven business cycles, and monetary policy

Keiichiro Kobayashi, Kengo Nutahara

研究成果: Article査読

5 被引用数 (Scopus)

抄録

A news-driven business cycle is a positive comovement in consumption, labor, investment, and output caused by positive news about the future. Standard real business cycle models do not generate it. In this paper, we find that a used market friction - i.e., sticky prices - can be a source of news-driven business cycles from news about future technology growth, technology level, and expansionary monetary policy shocks. The key mechanism is the countercyclical movements of markups through nominal rigidities.

本文言語English
論文番号24
ジャーナルB.E. Journal of Macroeconomics
10
1
DOI
出版ステータスPublished - 2010

ASJC Scopus subject areas

  • Economics and Econometrics

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