Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 남덕우 | - |
dc.date.accessioned | 2022-11-24T01:23:29Z | - |
dc.date.available | 2022-11-24T01:23:29Z | - |
dc.date.issued | 2019-09 | - |
dc.identifier.citation | JOURNAL OF MONEY CREDIT AND BANKING, v. 51, no. 6, page. 1623-1649 | en_US |
dc.identifier.issn | 0022-2879; 1538-4616 | en_US |
dc.identifier.uri | https://onlinelibrary.wiley.com/doi/10.1111/jmcb.12568 | en_US |
dc.identifier.uri | https://repository.hanyang.ac.kr/handle/20.500.11754/177340 | - |
dc.description.abstract | This paper provides new evidence that bouts of optimism and pessimism are an important source of U.S. business cycles, using the identification schemes based on sign restrictions. We document that identified optimism and pessimism shocks account for about 30% of U.S. business-cycle fluctuations in hours and output. In addition, our empirical findings are consistent with the intensive- and extensive-margin adjustments in the U.S. labor market over business cycles, providing further support to optimism shocks being an important source of U.S. business cycles. The identified optimism shocks are at least partially rational as total factor productivity is found to rise 8-12 quarters after an initial bout of optimism. While this later finding is consistent with some previous findings in the news shock literature, we cannot rule out that such episodes reflect self-fulfilling beliefs. | en_US |
dc.description.sponsorship | This paper is a substantial revision and replacement of the paper "Do Mood Swings Drive Business Cycles and is it Rational?" by Paul Beaudry, Deokwoo Nam, and Jian Wang (2011). We thank the editor, three anonymous referees, Paul Beaudry, Fabrice Collard, Andre Kurmann, Guido Lorenzoni, Barbara Rossi, Frank Portier, Eric Sims, Henry Siu, Harald Uhlig, Yongsung Chang, and participants at the AEA Annual Meeting, Barcelona GSE Summer Workshop, and various other conferences and seminars for their insightful comments. We would also like to thank Jonas Arias, Juan F. Rubio-Ramirez, and Daniel F. Waggoner for many helpful discussions and sharing their Matlab codes, and thank Mario Forni, Luca Gambetti, and Luca Sala for kindly sharing their estimates of the principal components of the U.S. macroeconomic data. Deokwoo acknowledges support for this work from Hanyang University through a general research fund (HY-2016). | en_US |
dc.language | en | en_US |
dc.publisher | WILEY | en_US |
dc.subject | E1; E3; optimism shocks; business cycle fluctuations; sign restrictions | en_US |
dc.title | Mood Swings and Business Cycles: Evidence from Sign Restrictions | en_US |
dc.type | Article | en_US |
dc.relation.no | 6 | - |
dc.relation.volume | 51 | - |
dc.identifier.doi | 10.1111/jmcb.12568 | en_US |
dc.relation.page | 1623-1649 | - |
dc.relation.journal | JOURNAL OF MONEY CREDIT AND BANKING | - |
dc.contributor.googleauthor | Nam, Deokwoo | - |
dc.contributor.googleauthor | Wang, Jian | - |
dc.relation.code | 2019005266 | - |
dc.sector.campus | S | - |
dc.sector.daehak | COLLEGE OF ECONOMICS AND FINANCE[S] | - |
dc.sector.department | SCHOOL OF ECONOMICS & FINANCE | - |
dc.identifier.pid | deokwnam | - |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.