haku: @journal_id 1690 / yhteensä: 17
viite: 7 / 17
| Tekijä: | Chalkley, M. Lee, I. |
| Otsikko: | Learning and asymmetric business cycles |
| Lehti: | Review of Economic Dynamics
1998 : JUL, VOL. 1:3, p. 623-645 |
| Asiasana: | ECONOMIC DYNAMICS BUSINESS CYCLES LEARNING |
| Kieli: | eng |
| Tiivistelmä: | It is known that a variety of economic time series exhibit asymmetry in the sense that the arrival of a recession is prompt, while the recovery from a recession appears protracted. This paper provides an explanation for the asymmetric movement of economic time series over business cycles by considering learning and information aggregation, given risk aversion on the part of economic agents. A model is constructed in which the underlying state of nature changes according to a symmetric first-order Markov process. |
SCIMA