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Explaining the Last Consumption Boom-Bust Cycle in Ireland : The Role of News and Noise Shocks

The objective of the paper is to explain the last boom and bust in consumption in Ireland by the failure of consumers to correctly distinguish permanent changes in productivity from temporary changes. It uses a business cycle model, where agents up...

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Bibliographic Details
Main Author: Diaz Sanchez, Jose Luis
Language:English
en_US
Published: World Bank, Washington, DC 2013
Subjects:
AGGREGATE DEMAND
BELIEFS
BUSINESS CYCLES
CENTRAL BANK
CONSUMER EXPECTATIONS
CONSUMERS
CONSUMPTION DECISIONS
CONSUMPTION EXPENDITURES
CONSUMPTION LEVELS
DEVELOPMENT ECONOMICS
DEVELOPMENT POLICY
DISCUSSIONS
E-MAIL
ECONOMETRICS
ECONOMIC THEORY
EMPLOYMENT
EXPECTED VALUE
EXPLORATION
FINANCIAL SECTOR
ICT
IDEA
IDEAS
INCOME
INTUITION
LABOR PRODUCTIVITY
LEADING
LEARNING
MAXIMUM LIKELIHOOD ESTIMATION
OPEN ACCESS
PERSONAL CONSUMPTION
PRODUCTION FUNCTION
PRODUCTIVITY
PRODUCTIVITY GROWTH
RATIONAL EXPECTATIONS
REAL GDP
RESULT
RESULTS
USES
WEB
news shocks
long-run productivity
Online Access:http://documents.worldbank.org/curated/en/2013/06/17942511/explaining-last-consumption-boom-bust-cyclein-ireland-role-news-noise-shocks-explaining-last-consumption-boom-bust-cycle-ireland-role-news-noise-shocks
http://hdl.handle.net/10986/15883

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