Can News About the Future Drive the Business Cycle?
构建了一个包含可变资本利用率、投资调整成本和特定偏好设定的统一模型，能够同时解释总量和部门层面的经济波动对当期和未来生产率新闻冲击的反应，为宏观模型提供了新的检验标准。
Aggregate and sectoral comovement are central features of business cycles, so the ability to generate comovement is a natural litmus test for macroeconomic models. But it is a test that most models fail. We propose a unified model that generates aggregate and sectoral comovement in response to contemporaneous and news shocks about fundamentals. The fundamentals that we consider are aggregate and sectoral total factor productivity shocks as well as investment-specific technical change. The model has three key elements: variable capital utilization, adjustment costs to investment, and preferences that allow us to parameterize the strength of short-run wealth effects on the labor supply.