FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2531337337> ?p ?o ?g. }

• W2531337337 abstract "Business cycle theories based on incomplete information start from the premise that key economic decisions on pricing, investment or production are often made on the basis of incomplete knowledge of constantly changing aggregate economic conditions. As a result, decisions tend to respond slowly to changes in economic fundamentals, and small or temporary economic shocks may have large and long-lasting effects on macroeconomic aggregates. Incomplete information theories have been popular in particular for explaining sluggish price or wage adjustment in response to monetary shocks. At the heart of this theory lies the assumption that firms or households only pay attention to a relatively small number of indicators regarding conditions in markets relevant to their own activities, but they may not acquire information more broadly about aggregate economic activity. With imprecise information about these aggregate conditions, it takes the firms some time to sort out temporary from permanent changes, or nominal from real disturbances. Prices then respond with a delay to changes in nominal spending, and monetary shocks may have significant effects on real economic activity in the intervening periods despite the fact that firms have the opportunity to constantly readjust their decisions. This basic idea was proposed first by Phelps (1970) and formalized by Lucas (1972). In Lucas (1972), economic agents produce in localized markets, in which they observe the market-clearing price at which they can sell their output. This price is affected both by aggregate spending shocks and by market-specific supply shocks. Under perfect information, quantities adjust in response ∗S. N. Durlauf and L. E. Blume, The New Palgrave Dictionary of Economics, forthcoming, Palgrave Macmillan, reproduced with permission of Palgrave Macmillan. This article is taken from the authors’ original manuscript and has not been reviewed or edited. The definitive published version of this extract may be found in the complete New Palgrave Dictionary of Economics in print and online, forthcoming. †Email: chris@econ.ucla.edu" @default.
• W2531337337 created "2016-10-21" @default.
• W2531337337 creator A5085015034 @default.
• W2531337337 date "2008-01-01" @default.
• W2531337337 modified "2023-09-28" @default.
• W2531337337 title "Monetary Business Cycle Models: Imperfect Information" @default.
• W2531337337 cites W112571724 @default.
• W2531337337 cites W1485335972 @default.
• W2531337337 cites W1499239314 @default.
• W2531337337 cites W1551420345 @default.
• W2531337337 cites W1551667292 @default.
• W2531337337 cites W1564595839 @default.
• W2531337337 cites W1972190631 @default.
• W2531337337 cites W2026591027 @default.
• W2531337337 cites W2087096517 @default.
• W2531337337 cites W2142597169 @default.
• W2531337337 cites W2159396019 @default.
• W2531337337 cites W2162150832 @default.
• W2531337337 cites W2166867588 @default.
• W2531337337 cites W2171720247 @default.
• W2531337337 cites W3023045268 @default.
• W2531337337 cites W3111554765 @default.
• W2531337337 cites W3121259330 @default.
• W2531337337 cites W3121934047 @default.
• W2531337337 cites W3124203484 @default.
• W2531337337 cites W3124699338 @default.
• W2531337337 cites W1995278743 @default.
• W2531337337 hasPublicationYear "2008" @default.
• W2531337337 type Work @default.
• W2531337337 sameAs 2531337337 @default.
• W2531337337 citedByCount "11" @default.
• W2531337337 crossrefType "journal-article" @default.
• W2531337337 hasAuthorship W2531337337A5085015034 @default.
• W2531337337 hasConcept C109354906 @default.
• W2531337337 hasConcept C113336015 @default.
• W2531337337 hasConcept C123676819 @default.
• W2531337337 hasConcept C126285488 @default.
• W2531337337 hasConcept C138885662 @default.
• W2531337337 hasConcept C139719470 @default.
• W2531337337 hasConcept C159985019 @default.
• W2531337337 hasConcept C162324750 @default.
• W2531337337 hasConcept C175444787 @default.
• W2531337337 hasConcept C17744445 @default.
• W2531337337 hasConcept C192562407 @default.
• W2531337337 hasConcept C199539241 @default.
• W2531337337 hasConcept C203379541 @default.
• W2531337337 hasConcept C27548731 @default.
• W2531337337 hasConcept C2778023277 @default.
• W2531337337 hasConcept C2780310539 @default.
• W2531337337 hasConcept C34881761 @default.
• W2531337337 hasConcept C41895202 @default.
• W2531337337 hasConcept C4679612 @default.
• W2531337337 hasConcept C556758197 @default.
• W2531337337 hasConcept C83873408 @default.
• W2531337337 hasConcept C94625758 @default.
• W2531337337 hasConceptScore W2531337337C109354906 @default.
• W2531337337 hasConceptScore W2531337337C113336015 @default.
• W2531337337 hasConceptScore W2531337337C123676819 @default.
• W2531337337 hasConceptScore W2531337337C126285488 @default.
• W2531337337 hasConceptScore W2531337337C138885662 @default.
• W2531337337 hasConceptScore W2531337337C139719470 @default.
• W2531337337 hasConceptScore W2531337337C159985019 @default.
• W2531337337 hasConceptScore W2531337337C162324750 @default.
• W2531337337 hasConceptScore W2531337337C175444787 @default.
• W2531337337 hasConceptScore W2531337337C17744445 @default.
• W2531337337 hasConceptScore W2531337337C192562407 @default.
• W2531337337 hasConceptScore W2531337337C199539241 @default.
• W2531337337 hasConceptScore W2531337337C203379541 @default.
• W2531337337 hasConceptScore W2531337337C27548731 @default.
• W2531337337 hasConceptScore W2531337337C2778023277 @default.
• W2531337337 hasConceptScore W2531337337C2780310539 @default.
• W2531337337 hasConceptScore W2531337337C34881761 @default.
• W2531337337 hasConceptScore W2531337337C41895202 @default.
• W2531337337 hasConceptScore W2531337337C4679612 @default.
• W2531337337 hasConceptScore W2531337337C556758197 @default.
• W2531337337 hasConceptScore W2531337337C83873408 @default.
• W2531337337 hasConceptScore W2531337337C94625758 @default.
• W2531337337 hasLocation W25313373371 @default.
• W2531337337 hasOpenAccess W2531337337 @default.
• W2531337337 hasPrimaryLocation W25313373371 @default.
• W2531337337 hasRelatedWork W1493376445 @default.
• W2531337337 hasRelatedWork W1531060852 @default.
• W2531337337 hasRelatedWork W1539471899 @default.
• W2531337337 hasRelatedWork W1564595839 @default.
• W2531337337 hasRelatedWork W1652927935 @default.
• W2531337337 hasRelatedWork W2026591027 @default.
• W2531337337 hasRelatedWork W2067452196 @default.
• W2531337337 hasRelatedWork W2087096517 @default.
• W2531337337 hasRelatedWork W2088427254 @default.
• W2531337337 hasRelatedWork W2100218074 @default.
• W2531337337 hasRelatedWork W2125534266 @default.
• W2531337337 hasRelatedWork W2323266160 @default.
• W2531337337 hasRelatedWork W2954485346 @default.
• W2531337337 hasRelatedWork W3123500292 @default.
• W2531337337 hasRelatedWork W3123637206 @default.
• W2531337337 hasRelatedWork W3123970111 @default.
• W2531337337 hasRelatedWork W3124457487 @default.
• W2531337337 hasRelatedWork W3124699338 @default.
• W2531337337 hasRelatedWork W3125827996 @default.
• W2531337337 hasRelatedWork W3126851071 @default.

• next