News-driven business cycles in small open economies
研究了小型开放经济中新闻冲击如何驱动商业周期，发现金融摩擦使模型能复制周期协同运动，VAR分析显示全要素生产率预期冲击引起产出、工时、消费和投资的协同波动，且新闻冲击与逆周期经常账户动态相关。
The focus of this paper is on news-driven business cycles in small open economies. We make two significant contributions. First, we develop a small open economy model where the presence of financial frictions permits the replication of business cycle co-movements in response to news shocks. Second, we use VAR analysis to identify news shocks using data on four advanced small open economies. We find that expected shocks about the future Total Factor Productivity generate business cycle co-movements in output, hours, consumption and investment. We also find that news shocks are associated with countercyclical current account dynamics. Our findings are robust across a number of alternative identification schemes.