Narrow search
Showing 1 - 10 of 9,330
Cover Image
State-Dependent Local Projections : Understanding Impulse Response Heterogeneity
Cloyne, James; Jordà, Òscar; Taylor, Alan M. - National Bureau of Economic Research - 2023
An impulse response is the dynamic average effect of an intervention across horizons. We use the well-known Kitagawa-Blinder-Oaxaca decomposition to explore a response's heterogeneity over time and over states of the economy. This can be implemented with a simple extension to the usual local...
Persistent link: https://www.econbiz.de/10014226168
Cover Image
Productivity and Misallocation in General Equilibrium
Baqaee, David Rezza - 2017
impact of a shock can be boiled down into two components: its "pure" technology effect; and its effect on allocative …
Persistent link: https://www.econbiz.de/10012453706
Cover Image
Smooth Diagnostic Expectations
Bianchi, Francesco; Ilut, Cosmin L.; Saijo, Hikaru - National Bureau of Economic Research - 2024
We introduce "smooth diagnosticity." Under smooth diagnosticity, agents over-react to new information defined as the difference between the current information set and a previous information set. Since new information typically changes not just the conditional mean, but also the conditional...
Persistent link: https://www.econbiz.de/10014486243
Cover Image
Productivity Shocks, Long-Term Contracts and Earnings Dynamics
Balke, Neele - 2020
This paper examines how employer- and worker-specific productivity shocks transmit to earnings and employment in an economy with search frictions and firm commitment. We develop an equilibrium search model with worker and firm shocks and characterize the optimal contract offered by competing...
Persistent link: https://www.econbiz.de/10012482279
Cover Image
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
Cover Image
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/10012456056
Cover Image
A Theory of Payments-Chain Crises
Bigio, Saki - National Bureau of Economic Research - 2023
This paper introduces an endogenous network of payments chains into a business cycle model. Agents order production in bilateral relations. Some payments are executed immediately. Other payments, chained payments, are delayed until other payments are executed. Because production starts only...
Persistent link: https://www.econbiz.de/10013537753
Cover Image
Long Term Expectations and Aggregate Fluctuations
Bordalo, Pedro; Gennaioli, Nicola; La Porta, Rafael; … - National Bureau of Economic Research - 2023
In line with Keynes' intuition, volatility in the stock market and in real economic activity are linked by expectations of long term profits. We show that analysts' optimism about the long term earnings growth of S&P 500 firms is associated with a near term boom in major US financial markets,...
Persistent link: https://www.econbiz.de/10014337811
Cover Image
Strategic Inattention, Inflation Dynamics, and the Non-Neutrality of Money
Afrouzi, Hassan - National Bureau of Economic Research - 2023
This paper studies how competition affects firms' expectations in a new dynamic general equilibrium model with rational inattention and oligopolistic competition where firms acquire information about their competitors' beliefs. In the model, firms with fewer competitors are less attentive to...
Persistent link: https://www.econbiz.de/10014421221
Cover Image
Expectation Traps and Discretion
Chari, V. V. - 1996
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/10012473315