منابع مشابه
Differences in Quarterly Utilization-Adjusted TFP by Vintage, with an Application to News Shocks
This paper documents large differences across vintages in the properties of the widely-used quarterly utilization-adjusted TFP series produced by Fernald (2014), who provides updated data each quarter on his website. The most recent vintage of the adjusted TFP series has correlations with earlier vintages of the series that are less than 0.6. Compared to earlier vintages, the most recent vintag...
متن کاملHow 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 ...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2018
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2018.03.001