Attentiveness cycles: Synchronized behavior and aggregate fluctuations

Detalhes bibliográficos
Autor(a) principal: Gomes, Orlando
Data de Publicação: 2012
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/3720
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, di¤erent paces on information updating explicitly lead to a setting with interaction among heterogeneous agents. Speci.cally, we consider firms with di¤erent information updating frequencies whose behavior implies the emergence of attentiveness cycles of possibly large lengths; within these cycles we deduct a di¤erently shaped Phillips curve for each time period. The developed scenario and the accomplished results, which involve long-term endogenous .uctuations triggered by simple policy rules, allow to classify the proposed framework as a complexity view on macroeconomics.
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spelling Attentiveness cycles: Synchronized behavior and aggregate fluctuationsAttentiveness cycles: Synchronized behavior and aggregate fluctuationsSticky-informationHeterogeneous agentsComplex systemsSynchronized behaviorPhillips curveExpectationsEndogenous Fluctuations.Sticky-informationHeterogeneous agentsComplexityPhillips curveExpectationsEndogenous Fluctuations.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, di¤erent paces on information updating explicitly lead to a setting with interaction among heterogeneous agents. Speci.cally, we consider firms with di¤erent information updating frequencies whose behavior implies the emergence of attentiveness cycles of possibly large lengths; within these cycles we deduct a di¤erently shaped Phillips curve for each time period. The developed scenario and the accomplished results, which involve long-term endogenous .uctuations triggered by simple policy rules, allow to classify the proposed framework as a complexity view on macroeconomics.Um modelo macroeconómico envolvendo rigidez de informação é desenvolvido de forma a analisar o comportamento das trajetórias temporais da taxa de inflação e do hiato do produto, quando perturbadas por eventuais choques de política monetária. Em oposição ao que é comum em literatura sobre este assunto, diferentes ritmos de atualização de informação conduzem explicitamente a um cenário de interação entre agentes heterogéneos. Especificamente, consideram-se empresas com diferentes frequências de atualização de informação cujo comportamento implica a emergência de ciclos de atenção de possivelmente longa duração; no seio destes ciclos deduzem-se curvas de Phillips com diferentes formas para cada período temporal. Alterações sistemáticas na forma da relação de oferta agregada são o motor que despoleta uma resposta lenta a choques e a eventual persistência de flutuações cíclicas.EGV EPGE2012-10-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/3720Revista Brasileira de Economia; Vol. 66 No. 3 (2012): Jul-Set; 271-288Revista Brasileira de Economia; v. 66 n. 3 (2012): Jul-Set; 271-2881806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://periodicos.fgv.br/rbe/article/view/3720/4239https://periodicos.fgv.br/rbe/article/view/3720/4245Gomes, Orlandoinfo:eu-repo/semantics/openAccess2016-12-16T12:27:35Zoai:ojs.periodicos.fgv.br:article/3720Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:30.649918Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv Attentiveness cycles: Synchronized behavior and aggregate fluctuations
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.
Sticky-information
Heterogeneous agents
Complexity
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.
Sticky-information
Heterogeneous agents
Complexity
Phillips curve
Expectations
Endogenous Fluctuations.
topic Sticky-information
Heterogeneous agents
Complex systems
Synchronized behavior
Phillips curve
Expectations
Endogenous Fluctuations.
Sticky-information
Heterogeneous agents
Complexity
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, di¤erent paces on information updating explicitly lead to a setting with interaction among heterogeneous agents. Speci.cally, we consider firms with di¤erent information updating frequencies whose behavior implies the emergence of attentiveness cycles of possibly large lengths; within these cycles we deduct a di¤erently shaped Phillips curve for each time period. The developed scenario and the accomplished results, which involve long-term endogenous .uctuations triggered by simple policy rules, allow to classify the proposed framework as a complexity view on macroeconomics.
publishDate 2012
dc.date.none.fl_str_mv 2012-10-02
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/3720
url https://periodicos.fgv.br/rbe/article/view/3720
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/3720/4239
https://periodicos.fgv.br/rbe/article/view/3720/4245
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 66 No. 3 (2012): Jul-Set; 271-288
Revista Brasileira de Economia; v. 66 n. 3 (2012): Jul-Set; 271-288
1806-9134
0034-7140
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_ 1798943114417668096

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