Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/56140 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorFlodén, Martinen
dc.date.accessioned2012-03-28T13:04:25Z-
dc.date.available2012-03-28T13:04:25Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/56140-
dc.description.abstractThis paper demonstrates that increased optimism about future productivity can generate an immediate economic expansion in a neoclassical model with vintage capital and variable capacity utilization. Previous research has documented that standard neoclassical models cannot generate a simultaneous increase in consumption, investment, and hours in response to news shocks, and that optimism in these models tends to reduce investment and hours. When technology is vintage specific, however, expectations of higher future productivity raise the demand for new vintages of capital relative to old capital. Capital depreciates faster when utilization is high, but this depreciation only affects installed capital. The cost of high depreciation therefore falls when the value of installed capital falls. It is demonstrated here that with standard parameter values, more optimism raises utilization, consumption, investment, hours, and output.en
dc.language.isoengen
dc.publisher|aStockholm School of Economics, The Economic Research Institute (EFI) |cStockholmen
dc.relation.ispartofseries|aSSE/EFI Working Paper Series in Economics and Finance |x643en
dc.subject.jelE13en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordExpectationsen
dc.subject.keywordNewsen
dc.subject.keywordBusiness cyclesen
dc.subject.keywordVintage capitalen
dc.subject.keywordCapital-embodied technological changeen
dc.subject.stwErwartungstheorieen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwKonjunkturen
dc.subject.stwKapazitätsauslastungen
dc.subject.stwTechnischer Fortschritten
dc.subject.stwKapitalproduktivitäten
dc.titleVintage capital and expectations driven business cycles-
dc.typeWorking Paperen
dc.identifier.ppn520721969en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
238.68 kB





Publikationen in EconStor sind urheberrechtlich geschützt.