Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 25, 2009 erstellt
Beschreibung:
This paper develops a two-sector dynamic general equilibrium model in which intermporal fluctuations (and sectoral comovement) are driven by idiosyncratic shocks to relative preferences between consumption goods. This class of shocks may be interpreted as shifts in consumer tastes. When shifts in preferences occur, consumers associate a new and different level of satisfaction to the same basket of consumption goods according to the modified preferences. The paper shows that, if the initial composition of the consumption basket is sufficiently asymmetric, a shift in relative preferences produces a so strong "perception effect" capable of inducing inter and intra sectoral positive comovement of the main macroeconomic variables (i.e., output, consumption, investment, and employment). It is a welcome result that these findings are reached without introducing either aggregate technology shocks, or input-output linkages or shocks perturbing the relative preference between aggregate consumption and leisure