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Learning Efficiency Shocks, Knowledge Capital and the Business Cycle : A Bayesian Evaluation

Johri, Alok - 2019

We incorporate shocks to the efficiency with which firms learn from production activity and accumulate knowledge into … output, investment, consumption and especially hours worked in post-war US data. The estimated shock processes suggest much … with current TFP, a role usually played by preference shocks. At the same time, knowledge capital acts like an endogenous …

Persistent link: https://www.econbiz.de/10012894230

Financial crisis and slow recovery with Bayesian learning agents

Horii, Ryo; Ono, Yoshiyasu - 2020

intuitive explanation of business cycle asymmetry and post-crisis slow recovery. When observing a liquidity shock, individuals …

Persistent link: https://www.econbiz.de/10012195742

Perceived uncertainty shocks, excess optimism-pessimism, and learning in the business cycle

Chatterjee, Pratiti; Milani, Fabio - 2020

What are the effects of beliefs, sentiment, and uncertainty, over the business cycle? To answer this question, we develop a behavioral New Keynesian macroeconomic model, in which we relax the assumption of rational expectations. Agents are, instead, boundedly rational: they have a...

Persistent link: https://www.econbiz.de/10012294890

Financial Crisis and Slow Recovery with Bayesian Learning Agents

Horii, Ryo - 2020

intuitive explanation of business cycle asymmetry and post-crisis slow recovery. When observing a liquidity shock, individuals …

Persistent link: https://www.econbiz.de/10012837637

A new look at uncertainty shocks : imperfect information and misallocation

Senga, Tatsuro - 2015

experiences a shock forcing it to start learning afresh. Firms differ in their information; more informed firms have lower … posterior variances in beliefs. An uncertainty shock is a rise in the probability that any given firm will lose its information … a prolonged recession followed by anemic recovery in response to an uncertainty shock. When confronted with a rise in …

Persistent link: https://www.econbiz.de/10011401309

The Scarring Effect of Recessions

Ouyang, Min - 2006

Recessions often coincide with intensified restructuring. The conventional Schumpeterian view argues that recessions promote allocative efficiency by driving out less productive firms and freeing resources for more productive uses. This paper proposes that the conventional cleansing effect is...

Persistent link: https://www.econbiz.de/10014061490