News and Business Cycles in Open Economies
研究小型开放经济中关于未来全要素生产率的新闻效应，发现新古典开放经济模型下好消息反而导致衰退，并提出一个包含弱财富效应和调整成本的模型来解释经济变量的协同运动。
We study the effects of news about future total factor productivity (TFP) in a small open economy. We show that an open‐economy version of the neoclassical model produces a recession in response to good news about future TFP. We propose an open‐economy model that generates comovement in response to TFP news. The key elements of our model are a weak short‐run wealth effect on the labor supply and adjustment costs to labor and investment. We show that our model also generates comovement in response to news about future investment‐specific technical change and to “sudden stops.”