The objective of the paper is to explain the last boom and bust in consumption in Ireland by the failure of consumers to correctly distinguish permanent changes in productivity from temporary changes. It uses a business cycle model, where agents update their beliefs about long-run productivity using information -that they receive continuously- about the future state of the economy. The analysis finds that a large and prolonged disconnect between consumption...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2013/06/01
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Рабочий документ в рамках исследования вопросов политики
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WPS6525
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1
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1
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2013/06/01
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Disclosed
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Explaining the last consumption boom-bust cyclein Ireland : the role of news and noise shocks
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consumption
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Официальная версия документа (может содержать подписи, и т.д.)