CEIS-Tor Vergata is pleased to inform you that, on Friday April 20th, 2012 at 12.00 pm, prof. Luca Gambetti (Universitat Autònoma de Barcelona) will present a paper on “No News in Business Cycles” The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 ABSTRACT This paper uses a structural, large dimensional factor model to evaluate the role of "news" shocks (shocks with a delayed effect on productivity) in generating the business cycle. We find that (i) existing small-scale VAR models are affected by "non-fundamentalness" and therefore fail to recover the correct shock and impulse response functions; (ii) news shocks have a limited role in explaining the business cycle; (iii) their effects are in line with what predicted by standard neoclassical theory; (iv) a substantial fraction of business cycle fluctuations are explained by shocks unrelated to technology. Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 7065 (20120418) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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