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The Informational Role of the Business Cycle

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  • Dellas, Harris

Abstract

Economic decisions such as occupational and entrepreneurial choices may violate true comparative advantage when economic agents are uncertain about which activity best matches their talents. If relative performance varies over the business cycle (for instance, if downturns affect disproportionately those who are pursuing the wrong activity), then economic fluctuations may affect the probability and persistence of resource mismatches. The present work offers a novel, informational perspective to the business cycle and provides a link between aggregate fluctuations and the long-term allocation of resources.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 4076.

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Date of creation: Oct 2003
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Handle: RePEc:cpr:ceprdp:4076

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Keywords: business cycles; comparative advantage; incomplete information; matching; stabilization;

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  1. Michael Dotsey & Robert G. King, 1984. "Informational implications of interest rate rules," Working Paper 84-08, Federal Reserve Bank of Richmond.
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