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Informational Cycles

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Author Info
Zeira, Joseph

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Abstract

This paper shows that if demand is unknown and continuously changing and if investment is costly, then output and investment are cyclical. The cycles are generated by changes in information over time as investors increase production and, thus, accumulate more information about demand. These are, therefore, informational cycles. The paper also shows that the frequency of cycles depends positively on profitability and negatively on the rate of interest. Copyright 1994 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 61 (1994)
Issue (Month): 1 (January)
Pages: 31-44
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Handle: RePEc:bla:restud:v:61:y:1994:i:1:p:31-44

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  1. Süssmuth, Bernd, 2000. "Endogenously-Timed Herding And The Synchronization Of Investment Cycles," Discussion Papers in Economics 24, University of Munich, Department of Economics. [Downloadable!]
  2. Flavio Toxvaerd, 2005. "Record Breaking and Temporal Clustering," Discussion Paper Series dp395, Center for Rationality and Interactive Decision Theory, Hebrew University, Jerusalem. [Downloadable!]
  3. Nicolas Magud, 2002. "On Asymmetric Business Cycles and the Effectiveness of Counter-Cyclical Fiscal Policies," University of Oregon Economics Department Working Papers 2005-20, University of Oregon Economics Department, revised 01 May 2005. [Downloadable!]
  4. Ryo Horii & Yoshiyasu Ono, 2005. "Financial Crisis and Recovery: Learning-based Liquidity Preference Fluctuations," Macroeconomics 0504016, EconWPA. [Downloadable!]
  5. Arthur Fishman & Rafael Rob, . ""Experimentation and Competition''," CARESS Working Papres 97-12, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences. [Downloadable!]
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This page was last updated on 2009-11-22.

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