【Macro Seminar】Are all economic fluctuations bad for consumers?
研討會日期 : 2023-08-22
時間 : 14:30
主講人 : Professor Myungkyu Shim
地點 : Conference Room B110
演講者簡介 : Professor Myungkyu Shim received his PhD from the University of California, San Diego in 2014. He is currently an Associate Professor at Yonsei University. His research interests are Macroeconomics, Applied Theory, and Labor Economics.
演講摘要 : Are business cycles always costly? This paper sheds new light on this question in the context of a two-sector neoclassical business cycle model by focusing on roles of the origin of shocks and the degree of real frictions that restrict factor reallocation both inter-temporally (investment adjustment cost) and intra-temporally (inter-sectoral factor immobilities). We find that investment-specific technology shocks are always welfare-improving while consumption-specific technology shocks are always welfare-detrimental, regardless of the degree of real frictions. While aggregate TFP shocks can be both depending on the degree of real frictions, welfare-improving business cycles are not supported by empirical evidence.