Title of article
Gold rushfeverinbusinesscycles
Author/Authors
Paul Beaudry، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2011
Pages
14
From page
84
To page
97
Abstract
A flexiblepricemodelofthebusinesscycleisproposed,inwhichfluctuationsaredriven
primarilybyinefficientmovementsininvestmentaroundastochastictrend.Aboomin
themodelariseswheninvestorsrushtoexploitnewmarketopportunitieseventhough
theresultinginvestmentssimplycrowdoutthevalueofpreviousinvestments.
A metaphorforsuchprofitdrivenfluctuationsaregoldrushes,astheyareperiodsof
economicboomassociatedwithexpendituresaimedatsecuringclaimsnearnewfound
veins ofgold.Anattractivefeatureofthemodelisitscapacitytoprovideasimple
structuralinterpretationtothepropertiesofastandardconsumptionandoutputVector
Autoregression
Journal title
Journal of Monetary Economics
Serial Year
2011
Journal title
Journal of Monetary Economics
Record number
846457
Link To Document