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Keynesian Production Networks and the Covid-19 Crisis : A Simple Benchmark

Baqaee, David; Farhi, Emmanuel - National Bureau of Economic Research - 2021

The Covid-19 crisis is an unusual and seemingly all-encompassing economic shock. On the one hand, it was unquestionably … a negative demand shock that, for fixed prices and incomes, reduced household spending. On the other hand, it was also … unquestionably a negative supply shock that reduced firms' ability to maintain production at pre-pandemic prices and quantities …

Persistent link: https://www.econbiz.de/10012482564

Two Flaws In Business Cycle Accounting

Christiano, Lawrence J. - 2006

Using 'business cycle accounting' (BCA), Chari, Kehoe and McGrattan (2006) (CKM) conclude that models of financial frictions which create a wedge in the intertemporal Euler equation are not promising avenues for modeling business cycle dynamics. There are two reasons that this conclusion is not...

Persistent link: https://www.econbiz.de/10012466014

Venting Out : Exports During a Domestic Slump

Almunia, Miguel - 2018

We exploit plausibly exogenous geographical variation in the reduction in domestic demand caused by the Great Recession in Spain to document the existence of a robust, within-firm negative causal relationship between demand-driven changes in domestic sales and export flows. Spanish manufacturing...

Persistent link: https://www.econbiz.de/10012481020

The Economic Stimulus Payments of 2008 and the Aggregate Demand for Consumption

Broda, Christian - 2014

Using a survey of households in the Nielsen Consumer Panel and the randomized timing of disbursement of the 2008 Economic Stimulus Payments, we find that a household's spending rose by ten percent the week it received a Payment and remained high cumulating to 1.5-3.8 percent of spending over...

Persistent link: https://www.econbiz.de/10012458542

Trade and the Global Recession

Eaton, Jonathan - 2011

We develop a dynamic multi-country general equilibrium model to investigate forces acting on the global economy during the Great Recession and ensuing recovery. Our multi-sector framework accounts completely for countries' trade, investment, production, and GDPs in terms of different sets of...

Persistent link: https://www.econbiz.de/10012461991

Measuring Aggregate Price Indexes with Demand Shocks : Theory and Evidence for CES Preferences

Redding, Stephen J. - 2016

We develop a new approach to measuring the cost of living for constant elasticity of substitution (CES) preferences. Our approach allows for demand shocks for individual goods (to rationalize micro data) while preserving a money-metric expenditure function (to compare the cost of living over...

Persistent link: https://www.econbiz.de/10012456198

What Drives Aggregate Investment? Evidence from German Survey Data

Bachmann, Ruediger - 2013

The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that these subjective investment determinants 1) capture...

Persistent link: https://www.econbiz.de/10012459672

What explains high unemployment? The aggregate demand channel

Mian, Atif R. - 2012

shock, while losses in the tradable sector are distributed uniformly across all counties. We find exactly this pattern from …

Persistent link: https://www.econbiz.de/10012460828

Crisis "Shock Factors" and the Cross-Section of Global Equity Returns

Calomiris, Charles W. - 2010

We study stock returns over the period of the global financial crisis of 2007-2008 and identify three crisis "shock …, and (3) selling pressure on firms' equity. All three of these "shock factors" are reflected in large and statistically … of the importance of each of the shock factors tracks related changes in the global economic environment …

Persistent link: https://www.econbiz.de/10012462098

Sticky Information in General Equilibrium

Mankiw, N. Gregory - 2006

This paper develops and analyzes a general-equilibrium model with sticky information. The only rigidity in goods, labor, and financial markets is that agents are inattentive, sporadically updating their information sets, when setting prices, wages, and consumption. After presenting the...

Persistent link: https://www.econbiz.de/10012466056