Modeling Economy-wide vs Sectoral Climate Policies Using Combined Aggregate-Sectoral Models

Modeling Economywide versus Sectoral Climate Policies Using Combined Aggregate-Sectoral Models

Economic analyses of climate change policies frequently focus on reductions of energyrelated carbon dioxide emissions via market-based, economywide policies. The current course of environment and energy policy debate in the United States, however, suggests an alternative outcome: inefficiently designed and/or sector-based policies. This paper uses a collection of specialized, sector-based model...

Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?

Earnings II: Sectoral Shocks and Aggregate Disturbances

This chapter represents a significant departure from Chapter 19, which also focused on earnings. Instead of examining how earnings are distributed across a given population of workers, we shall now examine how individual and aggregate earnings evolve over time. The central thesis that we shall explore is that firms and workers are regularly buffeted by an assortment of random shocks or disturba...

Sectoral Shocks, Learning, and Aggregate Fluctuations

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Sectoral Phillips curves and the aggregate Phillips curve

Sector-level Phillips curves are estimated in French data. There is considerable heterogeneity across sectors, with vastly different estimates of the backward looking component of inflation and the duration of nominal rigidities. A multi-sector model of inflation dynamics is calibrated on the basis of these sectoral estimates. Aggregate inflation, simulated on the basis of heterogeneous sectors...