منابع مشابه
How Important Are Sectoral Shocks?
I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate output. I develop and estimate a multi-industry general equilibrium model in which each industry employs the material and capital goods produced by other sectors. Using data on U.S. industries’ input prices and input choices, I find that the goods produced by different industries are complements to one an...
متن کاملEarnings 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...
متن کاملSectoral Shocks, Learning, and Aggregate Fluctuations
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متن کاملExamining news shocks
A fundamental discrepancy surrounds news shocks, that is, a-priori information agents receive about developments in the economy. Whereas news shocks appear relevant empirically, in theoretical real-business-cycle models news about future total factor productivity generates counterfactual predictions. In standard real-business-cycle models these predictions emerge on top of the failures in this ...
متن کاملOn the (de)stabilizing effects of news shocks
This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas anticipation amplifies volatility in any purely forward-looking model, such as the baseline New Keynesian model, the results are ambiguous when including a backward-looking component. In addition to these theoretical findings, we use the estimated model of Smets and Wouters (2003) to provide numerical evidence t...
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ژورنال
عنوان ژورنال: Oxford Bulletin of Economics and Statistics
سال: 2018
ISSN: 0305-9049
DOI: 10.1111/obes.12269