Elastic attention, risk sharing, and international comovements

Journal of Economic Dynamics and Control - Tập 79 - Trang 1-20 - 2017
Wei Li1, Yulei Luo2, Jun Nie3
1School of International Business Administration, Shanghai University of Finance and Economics, China
2Faculty of Business and Economics, The University of Hong Kong, Hong Kong
3Economic Research Department, Federal Reserve Bank of Kansas City, United States

Tài liệu tham khảo

Adam, 2007, Optimal monetary policy with imperfect common knowledge, J. Monet. Econ., 54, 276, 10.1016/j.jmoneco.2005.08.020 Angeletos, 2010, Noisy business cycles, 24, 319 Backus, 1992, International real business cycles, J. Polit. Econ., 84, 84 Bai, 2012, Financial integration and international risk sharing, J. Int. Econ., 86, 17, 10.1016/j.jinteco.2011.08.009 Bai, 2015, Demand shocks and open economy puzzles, Am. Econ. Rev.: Pap. Proc., 105, 644, 10.1257/aer.p20151121 Black, F., 2010. Exploring General Equilibrium. The MIT Press. Boz, 2011, Emerging market business cycles: learning about the trend, J. Monet. Econ., 58, 616, 10.1016/j.jmoneco.2011.11.003 Chen, K., Crucini, M., 2014. Trends and Cycles in Small Open Economies: Making the Case for a General Equilibrium Approach. Working Paper. Cheremukhin, 2016, Information rigidities and asymmetric business cycles, J. Econ. Dyn. Control, 73, 142, 10.1016/j.jedc.2016.09.013 Cochrane, J., 2005. Asset Pricing, Princeton University Press. Coibion, 2012, What can survey forecasts tell us about informational rigidities?, J. Polit. Econ., 120, 116, 10.1086/665662 Coibion, 2015, Information rigidity and the expectations formation process: a simple framework and new facts, Am. Econ. Rev., 105, 2644, 10.1257/aer.20110306 Colacito, R., Croce, M., Ho, S., Howard, P., 2014. BKK the EZ Way. International Long-Run Growth News and Capital Flows. Working Paper. Devereux, 1992, Realistic cross-country consumption correlations in a two-country, equilibrium, business cycle model, J. Int. Money Financ., 11, 3, 10.1016/0261-5606(92)90018-S Engel, 2011, International trade in durable goods: understanding volatility, cyclicality, and elasticities, J. Int. Econ., 83, 37, 10.1016/j.jinteco.2010.08.007 Fuhrer, 2006, Risky habits: on risk sharing, habit formation, and the interpretation of international consumption correlations, Rev. Int. Econ., 14, 722, 10.1111/j.1467-9396.2006.00616.x Glick, 1995, Global vs. country-specific productivity shocks and the current account, J. Monet. Econ., 35, 159, 10.1016/0304-3932(94)01181-9 Hall, 1978, Stochastic implications of the life cycle-permanent income hypothesis: theory and evidence, J. Polit. Econ., 86, 971, 10.1086/260724 Hansen, 1987, Calculating asset prices in three example economies, in Bewley Hong, 2007, Do industries lead stock markets?, J. Financ. Econ., 83, 367, 10.1016/j.jfineco.2005.09.010 Kahneman, D., 1973. Attention and Effort. Prentice-Hall Press. Kehoe, 2002, International business cycles with endogenous incomplete markets, Econometrica, 70, 907, 10.1111/1468-0262.00314 Kollmann, 1996, Incomplete asset markets and the cross-country consumption correlation puzzle, J. Econ. Dyn. Control, 20, 945, 10.1016/0165-1889(95)00883-7 Lewis, 1996, What can explain the apparent lack of international consumption risk sharing?, J. Polit. Econ., 104, 267, 10.1086/262025 Luo, 2008, Consumption dynamics under information processing constraints, Rev. Econ. Dyn., 11, 366, 10.1016/j.red.2007.07.003 Luo, 2014, Robust control, informational frictions, and international consumption correlations, Eur. Econ. Rev., 67, 1, 10.1016/j.euroecorev.2013.12.007 Luo, 2015, Slow information diffusion and the inertial behavior of durables consumption, J. Eur. Econ. Assoc., 13, 805, 10.1111/jeea.12125 Luo, 2014, Signal extraction and rational inattention, Econ. Inq., 52, 811, 10.1111/ecin.12073 Luo, 2016, Induced uncertainty, market price of risk, and the dynamics of consumption and wealth, J. Econ. Theory, 163, 1, 10.1016/j.jet.2016.01.003 Maćkowiak, 2009, Optimal sticky prices under rational inattention, Am. Econ. Rev., 99, 769, 10.1257/aer.99.3.769 Maćkowiak, 2015, Business cycle dynamics under rational inattention, Rev. Econ. Stud., 82, 1502, 10.1093/restud/rdv027 Matejka, 2015, Rational inattention to discrete choices: a new foundation for the multinomial logit model, Am. Econ. Rev., 105, 272, 10.1257/aer.20130047 Miyamoto, W., Nguyen, T. L., 2014. Understanding the Cross Country Effects of US Technology Shocks. Working Paper. Noam, 2016, The international media concentration collaboration Obstfeld, M., Rogoff, K., 1996. Foundations of International Macroeconomics. The MIT Press. Pischke, 1995, Individual income, incomplete information, and aggregate consumption, Econometrica, 63, 805, 10.2307/2171801 Quah, 1990, Permanent and transitory movements in labor income: an explanation for excess smoothness in consumption, J. Polit. Econ., 98, 449, 10.1086/261690 Reis, 2006, Inattentive consumers, J. Monet. Econ., 53, 1761, 10.1016/j.jmoneco.2006.03.001 Sims, 2003, Implications of rational inattention, J. Monet. Econ., 50, 665, 10.1016/S0304-3932(03)00029-1 Sims, 2006, Rational inattention: beyond the linear-quadratic case, Am. Econ. Rev., 96, 158, 10.1257/000282806777212431 Sims, 2010, Rational inattention and monetary economics, 3, 155, 10.1016/B978-0-444-53238-1.00004-1 Stockman, 1995, Tastes and technology in a two-country model of the business cycle: explaining international comovements, Am. Econ. Rev., 85, 168 Wen, 2007, By force of demand: explaining international comovements, J. Econ. Dyn. Control, 31, 1, 10.1016/j.jedc.2005.09.007