News about Aggregate Demand and the Business Cycle
2013/06/25
研討會日期 : 2013-06-25
時間 : 14:30
主講人 : Professor Jang-Ting Guo
地點 : Conference Room B110
演講者簡介 : Jang-Ting Guo received his Ph.D. in Economics from University of California, Los Angeles in 1993. He is currently Professor of Economics at University of California, Riverside. His research fields are sunspots, self-fulfilling beliefs in real business cycle models, indeterminacy and stabilization policy, fiscal policy and macroeconomic stability, macroeconomic aspects of public finance, dynamic optimal nonlinear income taxation, international real business cycles, monetary stability and endogenous growth, macroeconomic effects of environmental quality, dynamic optimal fiscal policy and business cycles, monopolistic competition, firm size and welfare, income inequality and economic growth, and exchange-rate exposure of firms.
演講摘要 : We show that an otherwise standard one-sector real business cycle model with variable capital utilization and mild increasing returns-to-scale is able to generate qualitatively as well as quantitatively realistic aggregate fluctuations driven by news shocks to two formulations of future consumption demand or government spending on goods and services. In sharp contrast to many studies in the existing expectations-driven business cycle literature, this result does not rely on non-separable preferences or investment adjustment costs. When the economy is subject to anticipated total factor productivity or investment-specific technology shocks, the relative strength of the intertemporal substitution effect needs to be enhanced for our model to exhibit positive macroeconomic co-movement and business cycle statistics that are consistent with the data.
