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Productivity and Misallocation in General Equilibrium
Baqaee, David - 2017
This paper develops a general theory of aggregation in inefficient economies. We provide non-parametric formulas for …
Persistent link: https://www.econbiz.de/10012943616
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Networks and the Macroeconomy : An Empirical Exploration
Acemoglu, Daron - 2015
the direct impact of a shock and the magnitudes of the downstream and the upstream indirect effects. We then investigate … through the input-output network, with a pattern broadly consistent with theory. Quantitatively, the network-based propagation …, capturing the fact that the local propagation of a shock to an industry will fall more heavily on other industries that tend to …
Persistent link: https://www.econbiz.de/10013019498
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Agro-Ecosystem Productivity and the Dynamic Response to Shocks
Chavas, Jean-Paul - 2016
This paper investigates the nonlinear dynamic response to shocks, relying on a threshold quantile autoregression (TQAR) model as a flexible representation of stochastic dynamics. The TQAR model can identify zones of stability/instability and characterize resilience and traps. Resilience means...
Persistent link: https://www.econbiz.de/10012983434
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Structural Uncertainty and the Value of Statistical Life in the Economics of Catastrophic Climate Change
Weitzman, Martin - 2007
Using climate change as a prototype motivating example, this paper analyzes the implications of structural uncertainty for the economics of low-probability high-impact catastrophes. The paper shows that having an uncertain multiplicative parameter, which scales or amplifies exogenous shocks and...
Persistent link: https://www.econbiz.de/10012775805
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Expectation Traps and Discretion
Chari, Varadarajan V.; Christiano, Lawrence J.; … - 2021
We argue that discretionary monetary policy exposes the economy to welfare-decreasing instability. It does so by creating the potential for private expectations about the response of monetary policy to exogenous shocks to be self-fulfilling. Among the many equilibria that are possible, some have...
Persistent link: https://www.econbiz.de/10013215360
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Endogenous Monetary Policy Regime Change
Davig, Troy - 2013
This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation...
Persistent link: https://www.econbiz.de/10012754154
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News Shocks
Barsky, Robert - 2009
of aggregate technology and several forward-looking variables, we identify the news shock as the shock orthogonal to …
Persistent link: https://www.econbiz.de/10013156463
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Private Sunspots and Idiosyncratic Investor Sentiment
Angeletos, George-Marios - 2008
This paper shows how rational investors can have different degrees of optimism regarding the prospects of the economy, even if they share exactly the same information regarding all economic fundamentals. The key is that heterogeneity in expectations regarding endogenous outcomes can emerge as a...
Persistent link: https://www.econbiz.de/10012771831
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Investors' Portfolio Behavior Under Alternative Models of Long-Term Interest Rate Expectations : Unitary, Rational, or Autoregressive
Friedman, Benjamin M. - 2010
This paper develops behavioral relationships explaining investors' demands for long-term bonds, using three alternative hypotheses about investors' expectations of future bond prices (yields). The results, based on U.S. 'data for six major categories of bond market investors, consistently...
Persistent link: https://www.econbiz.de/10012763222
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Using Expectations Data to Study Subjective Income Expectations
Dominitz, Jeff - 2010
We have collected data on the one-year-ahead income expectations of members of American households in our Survey of Economic Expectations (SEE), a module of a national continuous telephone survey conducted at the University of Wisconsin. The income-expectations questions take this form: `What do...
Persistent link: https://www.econbiz.de/10012763557