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Shifting Expectations about Technology Growth as a Propagation Mechanism

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Author Info
Masashi Saito () (Economics Boston University)
Abstract

Growth rates of macro aggregates are more persistent than technology growth in data. We develop a theory that accounts for this observation. In the model there are two types of shocks affecting the growth rate of technology, one transitory and another persistent, but agents do not observe them separately and form a belief about their relative contribution. The process of belief updating serves as a propagation mechanism enabling the model to generate movements in macro growth rates more persistent than that of the driving force

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Publisher Info
Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2005 with number 387.

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Date of creation: 11 Nov 2005
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Handle: RePEc:sce:scecf5:387

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Related research
Keywords: real business cycle model; imperfect information; regime switching;

Find related papers by JEL classification:
E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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