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We provide closed-form solutions for inflation and GDP dynamics in multi-sector New Keynesian economies with arbitrary input-output linkages. In particular, we show that a sufficient statistic for dynamics of sectoral prices is the principal square root of the Leontief matrix that is...
Persistent link: https://www.econbiz.de/10013295481
We derive closed-form solutions and sufficient statistics for inflation and GDP dynamics in multi-sector New Keynesian economies with arbitrary input-output linkages. Analytically, we decompose how production linkages (1) amplify the persistence of inflation and GDP responses to monetary and...
Persistent link: https://www.econbiz.de/10014287319
We derive closed-form solutions and sufficient statistics for inflation and GDP dynamics in multi-sector New Keynesian economies with arbitrary input-output linkages. Analytically, we decompose how production linkages (1) amplify the persistence of inflation and GDP responses to monetary and...
Persistent link: https://www.econbiz.de/10014267200
This paper investigates a role of supply chain network in transmitting housing market disruptions during the Great Recession. We build up a unique micro-level data that combines local housing market condition, firms' sales in each local market, and firm-level supply chain network information....
Persistent link: https://www.econbiz.de/10012899242
What is the role of production networks in inducing self-fulfilling business cycles? We build a continuous-time multisector business cycle model with input-output linkages and credit constraints to study this. Credit constraints faced by productive firms endogenously create self-fulfilling...
Persistent link: https://www.econbiz.de/10012825835
This paper describes the response of the economy to large shocks in a nonlinear production network. While arbitrary combinations of shocks can be studied, it focuses on a sector's tail centrality, which quantifies the effect of a large negative shock to the sector - a measure of the systemic...
Persistent link: https://www.econbiz.de/10013388835
data to forecast turnover and productivity of clinicians to serve as an early warning system. Accurate estimates of both …
Persistent link: https://www.econbiz.de/10013537787
We quantify and explain the firm responses and worker impacts of foreign demand shocks to domestic production networks. To capture that firms can be indirectly exposed to such shocks by buying from or selling to domestic firms that import or export, we use Belgian data with information on both...
Persistent link: https://www.econbiz.de/10013365085
The COVID-19 pandemic is entailing huge costs worldwide. To help developing countries formulate policy responses to minimize negative impacts of the COVID-19, possible size and duration of the shocks on most vulnerable countries, i.e., least developed countries (LDCs) and Small Island Developing...
Persistent link: https://www.econbiz.de/10013273721
This paper presents a framework for quantifying uncertainty around point forecasts for GDP, inflation and house prices in Norway. The framework combines quantile regressions using a broad set of uncertainty indicators with a skewed t-distribution, allowing for time-variation and asymmetry in the...
Persistent link: https://www.econbiz.de/10014313751