Smells like animal spirits: the sensitivity of corporate investment to sentiment
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DOI: 10.1017/s1365100522000608
Abstract: Economists have long been interested in the effect of business sentiment on economic activity. Using text analysis, I construct a new company-level indicator of sentiment based on the net balance of positive and negative words… read more here.
Keywords: sensitivity; sentiment; company; investment sentiment ... See more keywords
Behavioural Economics is Useful Also in Macroeconomics: The Role of Animal Spirits
Sign Up to like & getrecommendations! Published in 2018 at "Comparative Economic Studies"
DOI: 10.1057/s41294-018-0061-9
Abstract: Dynamic stochastic general equilibrium models are still dominant in mainstream macroeconomics, but they are only able to explain business cycle fluctuations as the result of exogenous shocks. This paper uses concepts from behavioural economics and… read more here.
Keywords: behavioural economics; macroeconomics; role animal; animal spirits ... See more keywords
Real business cycles, animal spirits, and stock market valuation
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DOI: 10.1111/ijet.12204
Abstract: This paper develops a real business cycle model with five types of fundamental shocks and one \\"equity sentiment shock\\" that captures animal spirits-driven fluctuations. The representative agent's perception that movements in equity value are partly… read more here.
Keywords: real business; market; sentiment; animal spirits ... See more keywords
ANIMAL SPIRITS, ECONOMIC POLICIES AND BUSINESS CYCLES: THE THREE MUSKETEERS OF THE ECONOMIC WORLD
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DOI: 10.1142/s2194565920500049
Abstract: This study quantifies animal spirits by constructing an index using information from major sectors of the economy. The key drivers of the animal spirits are the monetary/fiscal policies and the sta... read more here.
Keywords: economic policies; business cycles; cycles three; policies business ... See more keywords