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dc.contributor.authorMäkinen, Tanelien
dc.contributor.authorOhl, Björnen
dc.date.accessioned2012-02-27-
dc.date.accessioned2012-03-28T13:11:31Z-
dc.date.available2012-03-28T13:11:31Z-
dc.date.issued2012-
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
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 |x740en
dc.subject.jelD51en
dc.subject.jelD82en
dc.subject.jelD83en
dc.subject.jelD84en
dc.subject.jelE39en
dc.subject.ddc330en
dc.subject.keywordinformation choiceen
dc.subject.keywordrational expectationsen
dc.subject.keywordasymmetric informationen
dc.subject.keywordBayesian learningen
dc.subject.keywordstrategic substitutabilityen
dc.subject.keywordbusiness cycle asymmetriesen
dc.subject.stwInformationsbeschaffungen
dc.subject.stwLernprozessen
dc.subject.stwGleichgewichten
dc.subject.stwRationale Erwartungen
dc.subject.stwAsymmetrische Informationen
dc.subject.stwTheorieen
dc.titleInformation acquisition and learning from prices over the business cycle-
dc.typeWorking Paperen
dc.identifier.ppn687555388en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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