Book/Printed Material Stock prices, news and economic fluctuations

Title

• Stock prices, news and economic fluctuations

Summary

• "In this paper we show that the joint behavior of stock prices and TFP favors a view of business cycles driven largely by a shock that does not affect productivity in the short run -- and therefore does not look like a standard technology shock -- but affects productivity with substantial delay -- and therefore does not look like a monetary shock. One structural interpretation we suggest for this shock is that it represents news about future technological opportunities which is first captured in stock prices. We show that this shock causes a boom in consumption, investment and hours worked that precede productivity growth by a few years. Moreover, we show that this shock explains about 50\% of business cycle fluctuations"--National Bureau of Economic Research web site.

Names

• Beaudry, Paul, 1960-
• Portier, Franck
• National Bureau of Economic Research

Created / Published

• Cambridge, MA : National Bureau of Economic Research, c2004.

Headings

• -  Business cycles
• -  Industrial productivity
• -  Stocks--Prices

Notes

• -  Title from PDF file as viewed on 1/24/2005.
• -  Includes bibliographical references.
• -  Also available in print.
• -  Mode of access: World Wide Web.
• -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

• HB1

Digital Id

• https://hdl.loc.gov/loc.gdc/gdcebookspublic.2005616267
• http://papers.nber.org/papers/w10548 External

Library of Congress Control Number

• 2005616267

Access Advisory

• Unrestricted online access

Online Format

• image
• pdf

LCCN Permalink

• https://lccn.loc.gov/2005616267

Additional Metadata Formats

• MARCXML Record
• MODS Record
• Dublin Core Record