The "news" view of economic fluctuations
Subtitle: evidence from aggregate Japanese data and sectoral U.S. data
By: Paul Beaudry, Franck Portier.
Contributors: Portier, Franck.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 11496; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 11496.
Publisher: National Bureau of Economic Research
Published: 2005
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Stocks -- Prices -- United States.; Stocks -- Prices -- Japan.; Business cycles -- United States.; Business cycles -- Japan.
Description: "This paper uses aggregate Japanese data and sectoral U.S. data to explore the properties of the joint behavior of stock prices and total factor productivity (TFP) with the aim of highlighting data patterns that are useful for evaluating business cycle theories.  The approach used follows that presented in Beaudry and Portier [2004b].  The main findings are that (i) in both Japan and the U.S., innovations in stock prices that are contemporaneously orthogonal to TFP precede most of the long run movements in total factor productivity and (ii) such stock prices innovations do not affect U.S.  sectoral TFPs contemporaneously, but do precede TFP increases in those sectors that are driving U.S.  TFP growth, namely durable goods, and among them equipment sectors"--National Bureau of Economic Research web site.
Notes: Includes bibliographical references.
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