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dc.contributor.authorMäkinen, Tanelien_US
dc.contributor.authorOhl, Björnen_US
dc.date.accessioned2012-02-27en_US
dc.date.accessioned2012-03-28T13:11:31Z-
dc.date.available2012-03-28T13:11:31Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/56368-
dc.description.abstractWe study firms' incentives to acquire costly information in booms and recessions to understand the role of endogenous information in explaining asymmetric business cycles. When the economy has been in a boom in the previous period, and firms enter the current period with an optimistic belief, the incentive to acquire information is weaker than when the economy has been in a recession and firms share a pessimistic belief. However, the price system, in transmitting information from informed to uninformed firms, moderates asymmetric incentives in information acquisition and renders the aggregate learning outcome approximately acyclical. Our results challenge the prevailing view of procyclical learning as the source of asymmetric business cycles.en_US
dc.language.isoengen_US
dc.publisherEkonomiska Forskningsinst. Stockholmen_US
dc.relation.ispartofseriesSSE/EFI Working Paper Series in Economics and Finance 740en_US
dc.subject.jelD51en_US
dc.subject.jelD82en_US
dc.subject.jelD83en_US
dc.subject.jelD84en_US
dc.subject.jelE39en_US
dc.subject.ddc330en_US
dc.subject.keywordinformation choiceen_US
dc.subject.keywordrational expectationsen_US
dc.subject.keywordasymmetric informationen_US
dc.subject.keywordBayesian learningen_US
dc.subject.keywordstrategic substitutabilityen_US
dc.subject.keywordbusiness cycle asymmetriesen_US
dc.subject.stwInformationsbeschaffungen_US
dc.subject.stwLernprozessen_US
dc.subject.stwGleichgewichten_US
dc.subject.stwRationale Erwartungen_US
dc.subject.stwAsymmetrische Informationen_US
dc.subject.stwTheorieen_US
dc.titleInformation acquisition and learning from prices over the business cycleen_US
dc.typeWorking Paperen_US
dc.identifier.ppn687555388en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:SSE/EFI Working Paper Series in Economics and Finance, EFI - The Economic Research Institute, Stockholm School of Economics

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