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 کاملSectoral Shocks, Reallocation Frictions, and Optimal Government Spending
What is the optimal policy response to a negative sectoral shock? How do frictions in goods and labor markets a¤ect the nature and speed of the process of reallocating resources across alternative uses? Should government controlled inputs be allocated to compensate for frictions faced by the private sector or, rather, should they be deployed to complement private sector decisions? In this paper...
متن کاملOnline Appendix to "How Important Are Sectoral Shocks?"
In this section, I will apply plant-level input price variation and materials usage to provide an alternate set of estimates of εQ. To do so, I pursue the following two-part strategy. For each industry, I estimate how easily individual plants substitute across their factors of production, by relating plants’ materials purchases to their materials prices. Then, I apply the methods developed in O...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2019
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2019.04.020