Advertising and Aggregate Consumption: A Bayesian DSGE Assessment
通过估计一个动态一般均衡模型，研究品牌广告如何影响美国的总消费、投资和经济波动，发现广告长期提升消费和投资，并加剧短期波动。
Aggregate data reveal that in the US, advertising absorbs 2% of GDP. Because the purpose of brand advertising is to foster sales, we ask whether such spending appreciably affects aggregate consumption and economic activity. This question is addressed by developing and estimating a dynamic general equilibrium model in which households’ preferences for differentiated goods depend on brand advertising. Estimated results for the US economy indicate that in the long‐run, the presence of advertising raises aggregate consumption, investment, and hours worked, eventually fostering overall economic activity. We also find that advertising has a relevant impact on fluctuations in consumption and investment.