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Cited by 389

The DOI matches its Crossref record; 21 of the 21 references it cites were found in a registry or an index.

Sentiments

Open access
·2013·Econometrica
DOI 10.3982/ecta10008
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Abstract

This paper develops a new theory of fluctuations—one that helps accommodate the notions of “animal spirits” and “market sentiment” in unique-equilibrium, rational-expectations, macroeconomic models. To this goal, we limit the communication that is embedded in a neoclassical economy by allowing trading to be random and decentralized. We then show that the business cycle may be driven by a certain type of extrinsic shocks which we call sentiments. These shocks formalize shifts in expectations of economic activity without shifts in the underlying preferences and technologies; they are akin to sunspots, but operate in unique-equilibrium models. We further show how communication may help propagate these shocks in a way that resembles the spread of fads and rumors and that gives rise to boom-and-bust phenomena. We finally illustrate the quantitative potential of our insights within a variant of the RBC model.

Overview

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Registry

Crossref · 10.3982/ecta10008

Cites

21 of 21 references verified0 citation errors · 0 not checkable

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Citations

Cites

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Cited by

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Metadata

Venue
Econometrica
Publisher
The Econometric Society
Published
2013
Volume
81
Issue
2
Pages
739-779
ISSN
0012-9682 (ISSN-L)
DOI
10.3982/ecta10008
OpenAlex
W4240123593
Cited by
389
References
21
FWCI
44.22
Type
journal article
Language
en
Open access
green

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This page
CoChat. (2026). Citation check: Sentiments. https://app.cochat.ai/papers/10.3982/ecta10008
The paper
Sentiments. (2013). Econometrica. https://doi.org/10.3982/ecta10008

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.