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Aggregate shocks or aggregate information? : costly information and business cycle comovement

Author: Laura Veldkamp; Justin Wolfers; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2006.
Series: Working paper series (National Bureau of Economic Research), no. 12557.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Synchronized expansions and contractions across sectors define business cycles. Yet synchronization is puzzling because productivity across sectors exhibits weak correlation. While previous work examined production complementarity, our analysis explores complementarity in information acquisition. Because information about future productivity has a high fixed cost of production and a low marginal cost of replication,  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Laura Veldkamp; Justin Wolfers; National Bureau of Economic Research.
OCLC Number: 72546034
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 12557.
Responsibility: Laura Veldkamp, Justin Wolfers.

Abstract:

Synchronized expansions and contractions across sectors define business cycles. Yet synchronization is puzzling because productivity across sectors exhibits weak correlation. While previous work examined production complementarity, our analysis explores complementarity in information acquisition. Because information about future productivity has a high fixed cost of production and a low marginal cost of replication, sectors can share the cost to forecast their sector-specific productivity. Sectors with common, aggregate information make highly correlated productions choices. By filtering out sector-specific shocks and transmitting aggregate ones, information markets amplify business-cycle comovement.

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