Demand expectations and the timing of stimulus policies

Detalhes bibliográficos
Autor(a) principal: Guimarães, Bernardo de Vasconcellos
Data de Publicação: 2015
Outros Autores: Machado, Caio Henrique
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/13529
Resumo: This paper proposes a simple macroeconomic model with staggered investment decisions. The model captures the dynamic coordination problem arising from demand externalities and fixed costs of investment. In times of low economic activity, a firm faces low demand and hence has less incentives for investing, which reinforces firms’ expectations of low demand. In the unique equilibrium of the model, demand expectations are pinned down by fundamentals and history. Owing to the beliefs that arise in equilibrium, there is no special reason for stimulus at times of low economic activity.
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spelling Guimarães, Bernardo de VasconcellosMachado, Caio HenriqueEscolas::EESP2015-03-17T00:32:20Z2015-03-17T00:32:20Z2015-03-16TD 379http://hdl.handle.net/10438/13529This paper proposes a simple macroeconomic model with staggered investment decisions. The model captures the dynamic coordination problem arising from demand externalities and fixed costs of investment. In times of low economic activity, a firm faces low demand and hence has less incentives for investing, which reinforces firms’ expectations of low demand. In the unique equilibrium of the model, demand expectations are pinned down by fundamentals and history. Owing to the beliefs that arise in equilibrium, there is no special reason for stimulus at times of low economic activity.engEESP- Textos para Discussão;TD 379Demand expectationsCoordinationFiscal stimulusTiming frictionsEconomiaMacroeconomia - Modelos econométricosDemand expectations and the timing of stimulus policiesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 379 - Bernardo Guimaraes - Caio Machado.pdfTD 379 - Bernardo Guimaraes - Caio Machado.pdfapplication/pdf1023619https://repositorio.fgv.br/bitstreams/90279561-7da7-409b-a070-654d06948e74/download50efc3be0efafaacf2b78fade031e59fMD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/2629cd43-8922-4491-bb86-200f5758cffc/downloaddfb340242cced38a6cca06c627998fa1MD52TEXTTD 379 - Bernardo Guimaraes - Caio 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dc.title.eng.fl_str_mv Demand expectations and the timing of stimulus policies
title Demand expectations and the timing of stimulus policies
spellingShingle Demand expectations and the timing of stimulus policies
Guimarães, Bernardo de Vasconcellos
Demand expectations
Coordination
Fiscal stimulus
Timing frictions
Economia
Macroeconomia - Modelos econométricos
title_short Demand expectations and the timing of stimulus policies
title_full Demand expectations and the timing of stimulus policies
title_fullStr Demand expectations and the timing of stimulus policies
title_full_unstemmed Demand expectations and the timing of stimulus policies
title_sort Demand expectations and the timing of stimulus policies
author Guimarães, Bernardo de Vasconcellos
author_facet Guimarães, Bernardo de Vasconcellos
Machado, Caio Henrique
author_role author
author2 Machado, Caio Henrique
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.author.fl_str_mv Guimarães, Bernardo de Vasconcellos
Machado, Caio Henrique
dc.subject.por.fl_str_mv Demand expectations
Coordination
Fiscal stimulus
topic Demand expectations
Coordination
Fiscal stimulus
Timing frictions
Economia
Macroeconomia - Modelos econométricos
dc.subject.eng.fl_str_mv Timing frictions
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Macroeconomia - Modelos econométricos
description This paper proposes a simple macroeconomic model with staggered investment decisions. The model captures the dynamic coordination problem arising from demand externalities and fixed costs of investment. In times of low economic activity, a firm faces low demand and hence has less incentives for investing, which reinforces firms’ expectations of low demand. In the unique equilibrium of the model, demand expectations are pinned down by fundamentals and history. Owing to the beliefs that arise in equilibrium, there is no special reason for stimulus at times of low economic activity.
publishDate 2015
dc.date.accessioned.fl_str_mv 2015-03-17T00:32:20Z
dc.date.available.fl_str_mv 2015-03-17T00:32:20Z
dc.date.issued.fl_str_mv 2015-03-16
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/13529
dc.identifier.sici.none.fl_str_mv TD 379
identifier_str_mv TD 379
url http://hdl.handle.net/10438/13529
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv EESP- Textos para Discussão;TD 379
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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