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The "news" view of economic fluctuations : evidence from aggregate Japanese data and sectoral U.S. data

Author: Paul Beaudry; Franck Portier; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2005.
Series: Working paper series (National Bureau of Economic Research), no. 11496.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"This paper uses aggregate Japanese data and sectoral U.S. data to explore the properties of the joint behavior of stock prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business cycle theories. The approach used follows that presented in Beaudry and Portier [2004b]. The main findings are that (i) in both Japan and the U.S., innovations in stock  Read more...
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Paul Beaudry; Franck Portier; National Bureau of Economic Research.
OCLC Number: 61271371
Notes: "June 2005."
Description: 26 pages : illustrations ; 22 cm.
Series Title: Working paper series (National Bureau of Economic Research), no. 11496.
Responsibility: Paul Beaudry, Franck Portier.

Abstract:

"This paper uses aggregate Japanese data and sectoral U.S. data to explore the properties of the joint behavior of stock prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business cycle theories. The approach used follows that presented in Beaudry and Portier [2004b]. The main findings are that (i) in both Japan and the U.S., innovations in stock prices that are contemporaneously orthogonal to TFP precede most of the long run movements in total factor productivity and (ii) such stock prices innovations do not affect U.S. sectoral TFPs contemporaneously, but do precede TFP increases in those sectors that are driving U.S. TFP growth, namely durable goods, and among them equipment sectors"--National Bureau of Economic Research web site.

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