Macroeconomic equations, including the consumption Euler equation and New Keynesian Phillips curve, are regularly estimated on an individual basis. However, such relations also jointly determine equilibrium. This paper establishes that individual macroeconomic equations are only seemingly...

We provide evidence suggesting that the cross-sectional distributions of U.S. consumption and its growth rate obey the power law in both the upper and lower tails, with exponents approximately equal to 4. Consequently, high order moments are unlikely to exist, and the GMM estimation of Euler...

Especially in the last decade, efforts have been made in developing the sustainable building assessment tools, which are usually performed based on fundamentals of the First Law of Thermodynamics. However, this approach does not provide a faithful thermodynamic evaluation of the overall energy...