Replication data for: Can News about the Future Drive the Business Cycle?

Principal Investigator(s): View help for Principal Investigator(s) Nir Jaimovich; Sergio Rebelo

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Project Citation:

Jaimovich, Nir, and Rebelo, Sergio. Replication data for: Can News about the Future Drive the Business Cycle? Nashville, TN: American Economic Association [publisher], 2009. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113311V1

Project Description

Summary: Aggregate and sectoral comovement are central features of business cycles, so the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most models fail. We propose a unified model that generates aggregate and sectoral comovement in response to contemporaneous and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral total factor productivity shocks as well as investment-specific technical change. The model has three key elements: variable capital utilization, adjustment costs to investment, and preferences that allow us to parameterize the strength of short-run wealth effects on the labor supply. (JEL E13, E20, E32)

Scope of Project

JEL Classification:
      E13 General Aggregative Models: Neoclassical
      E20 Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy: General (includes Measurement and Data)
      E32 Business Fluctuations; Cycles

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Published Versions

V1 [2019-10-12]

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DDI 2.5

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