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News and Business Cycles in Open Economies

Journal of money, credit and banking, 2008-12, Vol.40 (8), p.1699-1711 [Peer Reviewed Journal]

Copyright 2008 The Ohio State University ;2008 The Ohio State University ;COPYRIGHT 2008 John Wiley & Sons, Inc. ;COPYRIGHT 2008 Wiley Periodicals, Inc. ;Copyright Ohio State University Press Dec 2008 ;ISSN: 0022-2879 ;EISSN: 1538-4616 ;DOI: 10.1111/j.1538-4616.2008.00179.x ;CODEN: JMCBBT

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Title:
News and Business Cycles in Open Economies
Author: JAIMOVICH, NIR ; REBELO, SERGIO
Subjects: Analysis ; Business cycles ; Business services ; Closed economies ; Company business management ; Economic fluctuations ; Economic impact ; Economic information ; Economic investment ; Economic models ; F41 ; Financial investments ; Gross domestic product ; Labor costs ; Labor supply ; Macroeconomics ; Management ; Monetary economics ; Neoclassical economics ; News ; Open economies ; open economy ; Productivity ; Statistics ; Steady state economies ; Studies ; sudden stops ; Total factor productivity ; Wealth effect
Is Part Of: Journal of money, credit and banking, 2008-12, Vol.40 (8), p.1699-1711
Description: We study the effects of news about future total factor productivity (TFP) in a small open economy. We show that an open-economy version of the neoclassical model produces a recession in response to good news about future TFP. We propose an open-economy model that generates comovement in response to TFP news. The key elements of our model are a weak short-run wealth effect on the labor supply and adjustment costs to labor and investment. We show that our model also generates comovement in response to news about future investment-specific technical change and to "sudden stops."
Publisher: Malden, USA: Blackwell Publishing Inc
Language: English
Identifier: ISSN: 0022-2879
EISSN: 1538-4616
DOI: 10.1111/j.1538-4616.2008.00179.x
CODEN: JMCBBT
Source: Alma/SFX Local Collection

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News and Business Cycles in Open Economies

Copyright 2008 The Ohio State University ;2008 The Ohio State University ;COPYRIGHT 2008 John Wiley & Sons, Inc. ;COPYRIGHT 2008 Wiley Periodicals, Inc. ;Copyright Ohio State University Press Dec 2008 ;ISSN: 0022-2879 ;EISSN: 1538-4616 ;DOI: 10.1111/j.1538-4616.2008.00179.x ;CODEN: JMCBBT

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