News shocks and business cycles

被引：264

作者：

Barsky, Robert B. ^{[2
,3
]}

Sims, Eric R. ^{[1
,3
]}

机构：

[1] Univ Notre Dame, Dept Econ, Notre Dame, IN 46556 USA

[2] Univ Michigan, Ann Arbor, MI 48109 USA

[3] NBER, Cambridge, MA 02138 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2011年 / 58卷 / 03期

关键词：

LETTING DIFFERENT VIEWS; RESTRICTIONS; PRICES;

D O I：

10.1016/j.jmoneco.2011.03.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper proposes and implements a novel structural VAR approach to the identification of news shocks about future technology. The news shock is identified as the shock orthogonal to the innovation in current utilization-adjusted TFP that best explains variation in future TFP. A favorable news shock leads to an increase in consumption and decreases in output, hours, and investment on impact - more suggestive of standard DSGE models than of recent extensions designed to generate news-driven business cycles. Though news shocks account for a significant fraction of output fluctuations at medium frequencies, they contribute little to our understanding of recessions. (C) 2011 Elsevier B.V. All rights reserved.

引用

页码：273 / 289

页数：17

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