.png){kind=icon}
返回
.png){kind=icon}
.png){kind=icon}
摘要
En 中文
We develop a theory of endogenous uncertainty and business cycles in which short-lived shocks can generate long-lasting recessions. In the model, higher uncertainty about fundamentals discourages investment. Since agents learn from the actions of others, information flows slowly in times of low activity and uncertainty remains high, further discouraging investment. The economy displays uncertainty traps: self-reinforcing episodes of high uncertainty and low activity. Although the economy recovers quickly after small shocks, large temporary shocks may have long-lasting effects on the level of activity. The economy is subject to an information externality but uncertainty traps may remain in the efficient allocation. Embedding the mechanism in a standard business cycle framework, we find that endogenous uncertainty increases the persistence of large recessions and improves the performance of the model in accounting for the Great Recession.
Keyword:
BUSINESS
INVESTMENT
DYNAMICS
PRICES
NEWS
AI总结
对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。
期刊
IF:
12.7
论文数:
1.2K
被引数:
4.1W
机构
引用论文
.png){kind=icon}
A THEORY OF FADS, FASHION, CUSTOM, AND CULTURAL-CHANGE AS INFORMATIONAL CASCADES作为信息级联的时尚，时尚，习俗和文化变化的理论.png)
OAAI
OAAI.png){kind=icon}
分享.png){kind=icon}
收藏分享收藏
查看更多内容