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Missing Aggregate Dynamics: On the Slow Convergence of Lumpy Adjustment Models

Caballero, Ricardo J.; Engel, Eduardo M.R.A. - Cowles Foundation for Research in Economics, Yale University - 2003

The dynamic response of aggregate variables to shocks is one of the central concerns of applied macroeconomics. The main measurement procedure for these dynamics consists of estimmiating an ARMA or VAR (VARs, for short). In non- or semi-structural approaches, the characterization of dynamics...

Persistent link: https://www.econbiz.de/10005762701

Macroeconomic Shocks in an Aggregative Disequilibrium Model

Hajivassiliou - Cowles Foundation for Research in Economics, Yale University - 1993

In this paper, I first show how aggregation over submarkets that exhibit varying degrees of disequilibrium can provide …

Persistent link: https://www.econbiz.de/10005593610

Transformations of the Commodity Space, Behavioral Heterogeneity and the Aggregation Problem

Grandmont, Jean-Michel - Cowles Foundation for Research in Economics, Yale University - 1991

The aggregation problem in demand analysis and exchange equilibrium is studied by putting restrictions on the shape of …

Persistent link: https://www.econbiz.de/10005463848

Behavioral Heterogeneity and Cournot Oligopoly Equilibrium

Grandmont, Jean-Michel - Cowles Foundation for Research in Economics, Yale University - 1993

this sort are not robust (i.e., "additive") in the sense that they are not usually preserved through aggregation of …

Persistent link: https://www.econbiz.de/10005093932