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Pervasive stickiness : (expanded version)

著者: N Gregory Mankiw; Ricardo Reis; National Bureau of Economic Research.
出版商: Cambridge, Mass. : National Bureau of Economic Research, 2006.
丛书: Working paper series (National Bureau of Economic Research), no. 12024.
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Abstract: This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model against three key facts that describe short-run fluctuations: the acceleration phenomenon, the smoothness of real  再读一些...
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材料类型: 文献, 互联网资源
文件类型: 互联网资源, 计算机文档
所有的著者/提供者: N Gregory Mankiw; Ricardo Reis; National Bureau of Economic Research.
OCLC号码: 63809452
注意: "February 2006."
Cover title.
描述: 1 online resource (25 p.)
丛书名: Working paper series (National Bureau of Economic Research), no. 12024.
责任: N. Gregory Mankiw, Ricardo Reis.

摘要:

Abstract: This paper explores a macroeconomic model of the business cycle in which stickiness of information is pervasive. We start from a familiar benchmark classical model and add to it the assumption that there is sticky information on the part of consumers, workers, and firms. We evaluate the model against three key facts that describe short-run fluctuations: the acceleration phenomenon, the smoothness of real wages, and the gradual response of real variables to shocks. We find that pervasive stickiness is required to fit the facts. We conclude that models based on stickiness of information offer the promise of fitting the facts on business cycles while adding only one new plausible ingredient to the classical benchmark

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