Attentiveness cycles: synchronized behavior and aggregate fluctuations

Detalhes bibliográficos
Autor(a) principal: Gomes,Orlando
Data de Publicação: 2012
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402012000300001
Resumo: A sticky-information macroeconomic model is developed in order to analyze the behavior of the time trajectories of the inflation rate and of the output gap, when disturbed by eventual monetary policy shocks. In opposition to what is typical in the literature on this subject, different paces on information updating explicitly lead to a setting with interaction among heterogeneous agents. Specifically, we consider firms with different information updating frequencies whose behavior implies the emergence of attentiveness cycles of possibly large lengths; within these cycles we deduct a differently shaped Phillips curve for each time period. Systematic changes on the form of the aggregate supply relation will be the engine that triggers a sluggish response to shocks and the eventual persistence of business fluctuations.
id FGV-8_41496b6642d0886a0dae6976434da217
oai_identifier_str oai:scielo:S0034-71402012000300001
network_acronym_str FGV-8
network_name_str Revista Brasileira de Economia (Online)
repository_id_str
spelling Attentiveness cycles: synchronized behavior and aggregate fluctuationsSticky-informationHeterogeneous agentsComplex systemsSynchronized behaviorPhillips curveExpectationsEndogenous FluctuationsA sticky-information macroeconomic model is developed in order to analyze the behavior of the time trajectories of the inflation rate and of the output gap, when disturbed by eventual monetary policy shocks. In opposition to what is typical in the literature on this subject, different paces on information updating explicitly lead to a setting with interaction among heterogeneous agents. Specifically, we consider firms with different information updating frequencies whose behavior implies the emergence of attentiveness cycles of possibly large lengths; within these cycles we deduct a differently shaped Phillips curve for each time period. Systematic changes on the form of the aggregate supply relation will be the engine that triggers a sluggish response to shocks and the eventual persistence of business fluctuations.Fundação Getúlio Vargas2012-09-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402012000300001Revista Brasileira de Economia v.66 n.3 2012reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGV10.1590/S0034-71402012000300001info:eu-repo/semantics/openAccessGomes,Orlandoeng2012-10-26T00:00:00Zoai:scielo:S0034-71402012000300001Revistahttp://bibliotecadigital.fgv.br/ojs/index.php/rbe/issue/archivehttps://old.scielo.br/oai/scielo-oai.php||rbe@fgv.br1806-91340034-7140opendoar:2012-10-26T00:00Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)false
dc.title.none.fl_str_mv Attentiveness cycles: synchronized behavior and aggregate fluctuations
title Attentiveness cycles: synchronized behavior and aggregate fluctuations
spellingShingle Attentiveness cycles: synchronized behavior and aggregate fluctuations
Gomes,Orlando
Sticky-information
Heterogeneous agents
Complex systems
Synchronized behavior
Phillips curve
Expectations
Endogenous Fluctuations
title_short Attentiveness cycles: synchronized behavior and aggregate fluctuations
title_full Attentiveness cycles: synchronized behavior and aggregate fluctuations
title_fullStr Attentiveness cycles: synchronized behavior and aggregate fluctuations
title_full_unstemmed Attentiveness cycles: synchronized behavior and aggregate fluctuations
title_sort Attentiveness cycles: synchronized behavior and aggregate fluctuations
author Gomes,Orlando
author_facet Gomes,Orlando
author_role author
dc.contributor.author.fl_str_mv Gomes,Orlando
dc.subject.por.fl_str_mv Sticky-information
Heterogeneous agents
Complex systems
Synchronized behavior
Phillips curve
Expectations
Endogenous Fluctuations
topic Sticky-information
Heterogeneous agents
Complex systems
Synchronized behavior
Phillips curve
Expectations
Endogenous Fluctuations
description A sticky-information macroeconomic model is developed in order to analyze the behavior of the time trajectories of the inflation rate and of the output gap, when disturbed by eventual monetary policy shocks. In opposition to what is typical in the literature on this subject, different paces on information updating explicitly lead to a setting with interaction among heterogeneous agents. Specifically, we consider firms with different information updating frequencies whose behavior implies the emergence of attentiveness cycles of possibly large lengths; within these cycles we deduct a differently shaped Phillips curve for each time period. Systematic changes on the form of the aggregate supply relation will be the engine that triggers a sluggish response to shocks and the eventual persistence of business fluctuations.
publishDate 2012
dc.date.none.fl_str_mv 2012-09-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402012000300001
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0034-71402012000300001
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/S0034-71402012000300001
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Fundação Getúlio Vargas
publisher.none.fl_str_mv Fundação Getúlio Vargas
dc.source.none.fl_str_mv Revista Brasileira de Economia v.66 n.3 2012
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
_version_ 1754115905518829568

Registros relacionados