{"id":13010,"date":"2012-09-20T16:43:17","date_gmt":"2012-09-20T20:43:17","guid":{"rendered":"https:\/\/www.inesad.edu.bo\/2012\/09\/20\/news-noise-and-fluctuations-an-empirical-exploration\/"},"modified":"2012-09-20T16:43:17","modified_gmt":"2012-09-20T16:43:17","slug":"news-noise-and-fluctuations-an-empirical-exploration","status":"publish","type":"post","link":"https:\/\/www.inesad.edu.bo\/en\/2012\/09\/20\/news-noise-and-fluctuations-an-empirical-exploration\/","title":{"rendered":"News, Noise, and Fluctuations: An Empirical Exploration"},"content":{"rendered":"

Abstract:<\/h4>\n

We explore empirically models of aggregate fluctuations with two basic ingredients:\u00a0agents form anticipations about the future based on noisy sources of information\u00a0and these anticipations affect spending and output in the short run. Our objective is\u00a0to separate fluctuations due to actual changes in fundamentals (news) from those due\u00a0to temporary errors in agents\u2019 estimates of these fundamentals (noise). We use a simple\u00a0forward-looking model of consumption to address some methodological issues:\u00a0structural VARs cannot be used to identify news and noise shocks in the data, but\u00a0identification is possible via a method of moments or maximum likelihood. Next, we\u00a0use U.S. data to estimate both our simple model and a richer DSGE model with the\u00a0same information structure. Our estimates suggest that noise shocks play an important\u00a0role in short-run consumption fluctuations.<\/p>\n

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Working Paper N\u00b0 09\/2012<\/a><\/h3>\n
<\/i> 1 file(s) <\/i> 604 KB<\/div>\n <\/div>\n
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Abstract: We explore empirically models of aggregate fluctuations with two basic ingredients:\u00a0agents form anticipations about the future based on noisy sources of information\u00a0and these anticipations affect spending and output in the short run. Our objective is\u00a0to separate fluctuations due to actual changes in fundamentals (news) from those due\u00a0to temporary errors in agents\u2019 estimates of these …<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[255,523,45,472,169,478,176,432],"tags":[],"class_list":["post-13010","post","type-post","status-publish","format-standard","","category-macroeconomia","category-macroeconomics","category-documentos","category-guido-lorenzoni-2","category-guido-lorenzoni","category-jean-paul-lhuillier-2","category-jean-paul-lhuillier","category-working-papers"],"acf":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9wqBX-3nQ","_links":{"self":[{"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/posts\/13010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/comments?post=13010"}],"version-history":[{"count":0,"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/posts\/13010\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/media?parent=13010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/categories?post=13010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inesad.edu.bo\/en\/wp-json\/wp\/v2\/tags?post=13010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}