Abstract
We argue that the network of investment production and purchases across sectors is an important propagation mechanism for understanding business cycles. Empirically, we show that the ...majority of investment goods are produced by a few “investment hubs,” which are more cyclical than other sectors. We embed this investment network into a multisector business cycle model and show that sector-specific shocks to the investment hubs and their key suppliers have large effects on aggregate employment and drive down labor productivity. Quantitatively, we find that sector-specific shocks to hubs and their suppliers account for an increasing share of aggregate fluctuations over time, generating the declining cyclicality of labor productivity and other changes in business cycle patterns since the 1980s.
What Information Drives Asset Prices? Ghosh, Anisha; Constantinides, George M
Review of asset pricing studies,
12/2021, Letnik:
11, Številka:
4
Journal Article
Odprti dostop
Abstract
We contribute to identifying proxies for the information set of investors in financial markets. We show that the marketwide price-dividend ratio highly correlates with inflation and labor ...market variables that also forecast consumption, dividend, and GDP growth, but not with aggregate consumption or GDP growth. Our model with learning from inflation and wage earnings rationalizes the moments of consumption and dividend growth, market return, the price-dividend ratio, real and nominal term structures, the low predictive power of the price-dividend ratio for consumption and dividends, and the dynamics of the price-dividend ratio, unlike a nested model with learning from consumption alone. (JEL E3, G12, G14)
Japan Rearmed Smith, Sheila A
2019, 2019-04-08
eBook
Modern Japan is not only responding to threats from North Korea and China but is also reevaluating its dependence on the United States, Sheila Smith shows. No longer convinced they can rely on ...Americans to defend their country, Tokyo's political leaders are now confronting the possibility that they may need to prepare the nation's military for war.
Fotografia wykonana świadkowi historii w ramach Programu Historia Mówiona realizowanego w Ośrodku "Brama Grodzka - Teatr NN"
Opracowanie i udostępnienie relacji dofinansowano ze środków Ministra ...Kultury, Dziedzictwa Narodowego i Sportu pochodzących z Funduszu Promocji Kultury w ramach projektu Archiwum Historii Mówionej - opracowanie i udostępnienie online najcenniejszych zasobów.
Fotografia wykonana świadkowi historii w ramach Programu Historia Mówiona realizowanego w Ośrodku "Brama Grodzka - Teatr NN"
Opracowanie i udostępnienie relacji dofinansowano ze środków Ministra ...Kultury, Dziedzictwa Narodowego i Sportu pochodzących z Funduszu Promocji Kultury w ramach projektu Archiwum Historii Mówionej - opracowanie i udostępnienie online najcenniejszych zasobów.
PDF
