The macroeconomic effects of infrequent information with adjustment costs

Detalhes bibliográficos
Autor(a) principal: Bonomo, Marco Antônio Cesar
Data de Publicação: 2000
Outros Autores: Garcia, René
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/633
Resumo: We extend the macroeconomic literature on Sstype rules by introducing infrequent information in a kinked ad justment cost model. We first show that optimal individual decision rules are both state-and -time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. In our model, a vast number of agents act together, and more so when uncertainty is large.The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. These results are in contrast with those obtained with full information ad justment cost models.
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spelling Bonomo, Marco Antônio CesarGarcia, RenéEscolas::EPGEFGV2008-05-13T15:28:40Z2010-09-23T18:57:15Z2008-05-13T15:28:40Z2010-09-23T18:57:15Z2000-05-010104-8910http://hdl.handle.net/10438/633We extend the macroeconomic literature on Sstype rules by introducing infrequent information in a kinked ad justment cost model. We first show that optimal individual decision rules are both state-and -time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. In our model, a vast number of agents act together, and more so when uncertainty is large.The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. These results are in contrast with those obtained with full information ad justment cost models.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;384AggregationAdjustment cost modelsTime and state dependent rulesState dependent rulesInfrequent informationEconomiaEconomiaThe macroeconomic effects of infrequent information with adjustment costsinfo: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/openAccessTHUMBNAIL1233.pdf.jpg1233.pdf.jpgGenerated Thumbnailimage/jpeg4292https://repositorio.fgv.br/bitstreams/29706e77-6aac-4cda-83f7-9ad849ac09a6/download3e1ef6ff47b0dc2486c019ca720a101aMD58ORIGINAL1233.pdfapplication/pdf493866https://repositorio.fgv.br/bitstreams/bafecb1e-9719-4349-8930-da3e026e7752/download9230e9f8a79a6b80e2df647914bdd3f2MD52TEXT1233.pdf.txt1233.pdf.txtExtracted texttext/plain52364https://repositorio.fgv.br/bitstreams/c2041d77-9f45-48bb-b92e-49743a23ff5c/download1842291153594ce2745eaaa2e5608070MD5710438/6332023-11-08 11:58:24.149open.accessoai:repositorio.fgv.br:10438/633https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T11:58:24Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.eng.fl_str_mv The macroeconomic effects of infrequent information with adjustment costs
title The macroeconomic effects of infrequent information with adjustment costs
spellingShingle The macroeconomic effects of infrequent information with adjustment costs
Bonomo, Marco Antônio Cesar
Aggregation
Adjustment cost models
Time and state dependent rules
State dependent rules
Infrequent information
Economia
Economia
title_short The macroeconomic effects of infrequent information with adjustment costs
title_full The macroeconomic effects of infrequent information with adjustment costs
title_fullStr The macroeconomic effects of infrequent information with adjustment costs
title_full_unstemmed The macroeconomic effects of infrequent information with adjustment costs
title_sort The macroeconomic effects of infrequent information with adjustment costs
author Bonomo, Marco Antônio Cesar
author_facet Bonomo, Marco Antônio Cesar
Garcia, René
author_role author
author2 Garcia, René
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Bonomo, Marco Antônio Cesar
Garcia, René
dc.subject.eng.fl_str_mv Aggregation
Adjustment cost models
Time and state dependent rules
State dependent rules
topic Aggregation
Adjustment cost models
Time and state dependent rules
State dependent rules
Infrequent information
Economia
Economia
dc.subject.por.fl_str_mv Infrequent information
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Economia
description We extend the macroeconomic literature on Sstype rules by introducing infrequent information in a kinked ad justment cost model. We first show that optimal individual decision rules are both state-and -time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. In our model, a vast number of agents act together, and more so when uncertainty is large.The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. These results are in contrast with those obtained with full information ad justment cost models.
publishDate 2000
dc.date.issued.fl_str_mv 2000-05-01
dc.date.accessioned.fl_str_mv 2008-05-13T15:28:40Z
2010-09-23T18:57:15Z
dc.date.available.fl_str_mv 2008-05-13T15:28:40Z
2010-09-23T18:57:15Z
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/633
dc.identifier.issn.none.fl_str_mv 0104-8910
identifier_str_mv 0104-8910
url http://hdl.handle.net/10438/633
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Ensaios Econômicos;384
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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