Keiichiro, KOBAYASHI; Tomoyuki, NAKAJIMA; Masaru, INABA - Research Institute of Economy, Trade and Industry (RIETI) - 2007
The boom-bust cycles such as the episode of the "Internet bubble" in the late 1990s may be described as the business cycle driven by changes in expectations or news about the future. The comovements in consumption, labor, and investment, in response to news about productivity changes in the...