Monetary policy shocks have a large impact on stock returns in narrow windows around press releases by the Federal Reserve. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct effect and an indirect (network) effect. We attribute 50%-85% of the...

Das Werk bietet dreierlei: 1. Einführung in die Methoden der Strukturanalyse; 2. Überblick über einen wichtigen Bereich der modernen Innovationsökonomik; 3. Darstellung der evolutorischen Konzepte zur Erklärung der wirtschaftlichen Realität.

The goal of this paper is to simultaneously unbundle two interacting reduced-form building blocks of traditional macroeconomic models: the representative agent and the aggregate production function. We introduce a broad class of disaggregated general equilibrium models with Heterogeneous Agents...

This paper studies structural change in production networks for intermediate inputs (input-output network) and new capital (investment network). For each network, we document a declining fraction of production by goods sectors and a rising fraction of production by services sectors. We develop a...