Essays On Information And Heterogeneity In Macroeconomics
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Essays On Information And Heterogeneity In Macroeconomics
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Author :
language : en
Publisher:
Release Date : 2017
Essays On Information And Heterogeneity In Macroeconomics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Interaction And Market Structure
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Author : Domenico Delli Gatti
language : en
Publisher:
Release Date : 2000-03-27
Interaction And Market Structure written by Domenico Delli Gatti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-03-27 with categories.
Interaction And Market Structure
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Author : Domenico Delli Gatti
language : en
Publisher: Springer Science & Business Media
Release Date : 2000-03-27
Interaction And Market Structure written by Domenico Delli Gatti and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-03-27 with Business & Economics categories.
This book is a collection of essays which examine how the properties of aggregate variables are influenced by the actions and interactions of heterogenous individuals in different economic contexts. The common denominator of the essays is a critique of the representative agent hypothesis. If this hypothesis were correct, the behaviour of the aggregate variable would simply be the reproduction of individual optimising behaviour. In the methodology of the hard sciences, one of the achievements of the quantum revolution has been the rebuttal of the notion that aggregate behaviour can be explained on the basis of the behaviour of a single unit: the elementary particle does not even exist as a single entity but as a network, a system of interacting units. In this book, new tracks in economics which parallel the developments in physics mentioned above are explored. The essays, in fact are contributions to the analysis of the economy as a complex evolving system of interacting agents.
Essays On Macroeconomics With Plant Heterogeneity
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Author : Jinhee Woo
language : en
Publisher:
Release Date : 2016
Essays On Macroeconomics With Plant Heterogeneity written by Jinhee Woo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Business cycles categories.
"The theme of this thesis is to understand the role of plant heterogeneity in shaping the dynamics of aggregate economy along business cycles. The first chapter investigates the cyclicality of plant entry and exit and its role in shaping the dynamics of aggregate economy along business cycles. The second chapter provides micro founded explanations regarding the dynamics of capital utilization in response to the news shock. The United States establishment exit rate is acyclical. This poses a challenge to canonical models of industry dynamics-e.g., Hopenhayn (1992), which imply a strongly counter-cyclical exit rate. To reconcile this gap between theory and data, imperfect information is introduced. Potential entrants have imperfect information about their productivity, leading to a signal extraction problem. When the volatility of idiosyncratic productivity dominates that of aggregate, as we observe in the micro data, potential entrants overestimate their productivity, and the value of entering, in booms. This amplified entry further increases factor prices and crowds out marginal incumbents, making the exit rate almost acyclical. The imperfect information mechanism proposed here also yields three testable implications: (i) entry is more cyclical in the industries where idiosyncratic components dominate; (ii) plant entry by new firms is more cyclical than that by existing firms; (iii) plants established by new firms during booms are more likely to exit rapidly. We show that all three predictions are consistent with the data. In the second chapter, by estimating a panel VAR on two-digit manufacturing data using the identification scheme proposed by Beadury and Portier (2006), I find positive co-movement between investment and capital utilization (the workweek of capital) in response to a news shock. This is inconsistent with the canonical q-theory model of capital adjustment dynamics where good news about the future raises the marginal value of capital and leads the firm to preserve its capital for later use through less utilization today. With fixed costs in capital adjustment, plants make discrete, or "lumpy", adjustments such that if plants are subject to decreasing returns, q declines as they near the point of investment. Since good news makes large investments more likely, this triggers a fall in q and reduces the opportunity cost of utilization. To simultaneously explain the co-movement of investment and capital utilization with plant level investment behavior, I propose a heterogeneous plant model that combines fixed adjustment costs and an endogenous capital utilization choice. When the model economy is calibrated to match salient features of the plant level investment rate distribution, it generates positive co-movement between investment and capital utilization."--Pages v-vi.
Three Essays On Heterogeneity In Macroeconomics
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Author : Ryan Douglas Edwards
language : en
Publisher:
Release Date : 2002
Three Essays On Heterogeneity In Macroeconomics written by Ryan Douglas Edwards and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Essays In Heterogeneity In Macroeconomics
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Author : Minsu Chang
language : en
Publisher:
Release Date : 2019
Essays In Heterogeneity In Macroeconomics written by Minsu Chang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This dissertation consists of two chapters that explore how micro-level heterogeneity helps us understand the dynamics of macroeconomic variables. Chapter 2 shows that the evolving likelihood of marriage and divorce is an essential factor in accounting for the changes in housing decisions over time in the United States. I build and estimate a life-cycle model of single and married households who face exogenous age-dependent marital transition shocks and then conduct a decomposition analysis between 1970 and 1995. The results show that household formation shocks could account for about 30% of the increase in the single's homeownership rate and play a crucial role in generating the observed sign of change in portfolio share of married households. The extended analysis on recent years after 1995 shows that the continuing decrease in marriage prospects contributed to push up the single's homeownership rate during the housing boom in the mid 2000s. Chapter 3 develops a state-space model with a state-transition equation that takes the form of a functional vector autoregression and stacks macroeconomic aggregates and a cross-sectional density. The measurement equation captures the error in estimating log densities from repeated cross-sectional samples. The log densities and the transition kernels in the law of motion of the states are approximated by sieves, which leads to a finite-dimensional representation in terms of macroeconomic aggregates and sieve coefficents. We illustrate how the model works based on the simulation of the Krusell-Smith economy and conduct an empirical analysis on the joint dynamics of technology shocks, per capita GDP, employment rates, and the earnings distribution.
Heterogeneity In Macroeconomics
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Author : Joao Ferreira Gomes
language : en
Publisher:
Release Date : 1997
Heterogeneity In Macroeconomics written by Joao Ferreira Gomes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Equilibrium (Economics) categories.
Essays In Macroeconomics And Heterogeneity
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Author : Christian Rörig
language : en
Publisher:
Release Date : 2021
Essays In Macroeconomics And Heterogeneity written by Christian Rörig and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Three Essays On Heterogeneity In Macroeconomics
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Author : Mohamed Diaby
language : en
Publisher:
Release Date : 2019
Three Essays On Heterogeneity In Macroeconomics written by Mohamed Diaby and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Essays On Macroeconomics With Heterogeneous Regions
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Author : Chang Liu
language : en
Publisher:
Release Date : 2020
Essays On Macroeconomics With Heterogeneous Regions written by Chang Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This dissertation studies macroeconomics with regional heterogeneity in three general dimensions. First, it documents some novel empirical patterns of regional heterogeneity (in Chapter 1, 2, 3). Second, these empirical facts are used to identify key economic forces underlying theoretical models (in Chapter 1 and 3). Third, aggregate implications of regional heterogeneity are also studied (in Chapter 1). In the first chapter of this dissertation, I highlight time-varying regional risk and federal fiscal transfer policy as two competing forces driving regional risk sharing over the business cycle and in turn quantify their impacts on aggregate fluctuations. I find that during an economic downturn, increased regional risk worsens risk sharing and amplifies the impact of aggregate productivity shocks. However, state-contingent federal government transfers provide additional risk sharing and help stabilize the aggregate economy, by providing insurance to the regions that need it the most. In the second chapter (joint with Noah Williams), we first estimate a quarterly dataset for state-level aggregates by building a novel empirical framework that allows for mixed-frequency raw data with measurement errors. We then apply this dataset to study the monetary policy effects at the state levels. We find that states behave remarkably homogeneous with each other in their responses of output and price to an unanticipated monetary policy shock. In the third chapter (joint with Noah Williams), we use the state-level quarterly dataset to analyze the impact of unexpected changes in federal personal and corporate income taxes. We find substantial heterogeneity in the impact of federal fiscal policy across states, with more than half having no significant response to the tax cuts. In addition, less capital-intensive states have larger responses to corporate tax cuts. Although puzzling in standard models, a model with corporate and non-corporate sectors is consistent with this evidence. Overall, our results suggest the importance of variation and reallocation across states in evaluating federal policy.