Sentiment-driven business cycle dynamics: An elementary macroeconomic model with animal spirits

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F61989100%3A27510%2F23%3A10252793" target="_blank" >RIV/61989100:27510/23:10252793 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.sciencedirect.com/science/article/pii/S0167268123001166?via%3Dihub" target="_blank" >https://www.sciencedirect.com/science/article/pii/S0167268123001166?via%3Dihub</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.jebo.2023.04.012" target="_blank" >10.1016/j.jebo.2023.04.012</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Sentiment-driven business cycle dynamics: An elementary macroeconomic model with animal spirits

Popis výsledku v původním jazyce

We propose an elementary macroeconomic model with animal spirits in which aggregate investment expenditure depends on firms&apos; sentiment. Firms display one of three sentiment states. When national income increases (decreases) strongly, firms are optimistic (pessimistic) and aggregate investment expenditure is high (low). Otherwise, firms are neutral and aggregate investment expenditure is normal. A rigorous mathematical analysis of our elementary macroeconomic model sheds new light on how animal spirits may contribute to fluctuations in economic activity. In particular, we show that a bidirectional feedback process between national income and investor sentiment may create endogenous business cycles that coevolve with waves of optimism and pessimism.(c) 2023 Elsevier B.V. All rights reserved.

Název v anglickém jazyce

Sentiment-driven business cycle dynamics: An elementary macroeconomic model with animal spirits

Popis výsledku anglicky

We propose an elementary macroeconomic model with animal spirits in which aggregate investment expenditure depends on firms&apos; sentiment. Firms display one of three sentiment states. When national income increases (decreases) strongly, firms are optimistic (pessimistic) and aggregate investment expenditure is high (low). Otherwise, firms are neutral and aggregate investment expenditure is normal. A rigorous mathematical analysis of our elementary macroeconomic model sheds new light on how animal spirits may contribute to fluctuations in economic activity. In particular, we show that a bidirectional feedback process between national income and investor sentiment may create endogenous business cycles that coevolve with waves of optimism and pessimism.(c) 2023 Elsevier B.V. All rights reserved.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

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OECD FORD obor

50200 - Economics and Business

Projekt

<a href="/cs/project/GA23-06282S" target="_blank" >GA23-06282S: Evoluční ekonomická dynamika s konečnou populací: Modelování a aplikace</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Journal of Economic Behavior and Organization

ISSN

0167-2681

e-ISSN

1879-1751

Svazek periodika

210

Číslo periodika v rámci svazku

June

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

18

Strana od-do

342-359

Kód UT WoS článku

000993010400001

EID výsledku v databázi Scopus

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