کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
989750 | 935455 | 2008 | 11 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Business cycle synchronization in a simple Keynesian macro-model with socially transmitted economic sentiment and international sentiment spill-over
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We propose a simple Keynesian business cycle model in which national income expectations of heterogeneous interacting investors affect their investment decisions. The investors' expectation formation is influenced by their sentiment: investors who hold optimistic views about the future state of the economy expect a higher aggregate demand in the following period and thus invest more than pessimistic investors. The investors' sentiment is, in turn, subject to socio-economic interactions. Simulations show that our model has the potential to generate complex business cycle dynamics. Based on that framework, we provide a three-country model of business cycle synchronization in which spill-over effects on the level of sentiment synchronize national cycles, provided that investors believe that the economies are indeed coupled.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Structural Change and Economic Dynamics - Volume 19, Issue 3, September 2008, Pages 249-259
Journal: Structural Change and Economic Dynamics - Volume 19, Issue 3, September 2008, Pages 249-259
نویسندگان
Martin Hohnisch, Frank Westerhoff,