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The Network Origins of Large Economic Downturns

Acemoglu, Daron - 2013

This paper shows that large economic downturns may result from the propagation of microeconomic shocks over the input-output linkages across different firms or sectors within the economy. Building on the framework of Acemoglu et al. (2012), we argue that the economy's input-output structure can...

Persistent link: https://www.econbiz.de/10012459432

Systemic Risk and Stability in Financial Networks

Acemoglu, Daron - 2013

We provide a framework for studying the relationship between the financial network architecture and the likelihood of systemic failures due to contagion of counterparty risk. We show that financial contagion exhibits a form of phase transition as interbank connections increase: as long as the...

Persistent link: https://www.econbiz.de/10012459934

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/10012457324

Robust Comparative Statics in Large Dynamic Economies

Acemoglu, Daron - 2012

We consider infinite horizon economies populated by a continuum of agents who are subject to idiosyncratic shocks. This framework contains models of saving and capital accumulation with incomplete markets in the spirit of works by Bewley, Aiyagari, and Huggett, and models of entry, exit and...

Persistent link: https://www.econbiz.de/10012460482

Networks, Shocks, and Systemic Risk

Acemoglu, Daron - 2015

This chapter develops a unified framework for the study of how network interactions can function as a mechanism for propagation and amplification of microeconomic shocks. The framework nests various classes of games over networks, models of macroeconomic risk originating from microeconomic...

Persistent link: https://www.econbiz.de/10012457735

Microeconomic Origins of Macroeconomic Tail Risks

Acemoglu, Daron - 2015

We document that even though the normal distribution provides a good approximation to GDP fluctuations, it severely underpredicts "macroeconomic tail risks," that is, the frequency of large economic downturns. Using a multi-sector general equilibrium model, we show that the interplay of...

Persistent link: https://www.econbiz.de/10012457801

Firms, Failures, and Fluctuations : The Macroeconomics of Supply Chain Disruptions

Acemoglu, Daron - 2020

This paper studies how firm failures and the resulting disruptions to supply chains can amplify negative shocks. We develop a non-competitive model where customized supplier-customer relations increase productivity, and the relationship-specific surplus generated between firms and their...

Persistent link: https://www.econbiz.de/10012481420

Tasks At Work : Comparative Advantage, Technology and Labor Demand

Acemoglu, Daron; Kong, Fredric; Restrepo, Pascual - National Bureau of Economic Research - 2024

This chapter reviews recent advances in the task model and shows how this framework can be put to work to understand the major labor market trends of the last several decades. Production in each industry necessitates the completion of a range of tasks, which can be allocated to workers of...

Persistent link: https://www.econbiz.de/10015056199

Determinants of Vertical Integration : Finance, Contracts, and Regulation

Acemoglu, Daron; Johnson, Simon; Mitton, Todd - 2005

We study the determinants of vertical integration in a new dataset of over 750,000 firms from 93 countries. Existing evidence suggests the presence of large cross-country differences in the organization of firms, which may be related to differences in financial development, contracting costs or...

Persistent link: https://www.econbiz.de/10012467255

Democracy, Redistribution and Inequality

Acemoglu, Daron; Robinson, James A.; Restrepo, Pascual; … - 2013

In this paper we revisit the relationship between democracy, redistribution and inequality. We first explain the theoretical reasons why democracy is expected to increase redistribution and reduce inequality, and why this expectation may fail to be realized when democracy is captured by the...

Persistent link: https://www.econbiz.de/10012458917

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