Decomposing idiosyncratic and aggregate output shocks
Aggregate Shocks, Idiosyncratic Shocks and Global Imbalances
... in aggregate and individual uncertainty may lead to the accu- mulation of precautionary savings in some ...the shocks, but also, by the per- sistence parameters a and z , and agents’preferences parameters, ...
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Idiosyncratic Volatility Shocks and Aggregate Fluctuations: An Appraisal of the Spanish Case
... The sample obtained from SABI database is made up 36474 firms. The variables taken are operating revenue, which for the purpose of this work I consider as sales from now on, number of employees and the SIC code for each ...
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Essays on Macroeconomics and Labor Markets: Understanding Idiosyncratic and Aggregate Shocks
... total output, the negative instantaneous response of the simulated labor share to positive innovations in technology is reproduced in the model because labor inputs are fixed (given the search frictions) and wages ...
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What Drives Business Cycle Fluctuations: Aggregate or Idiosyncratic Uncertainty Shocks?
... of aggregate and idiosyncratic uncertainty shocks in driving business cycle ...By decomposing total stock return volatility of over 20,000 publicly-listed US firms from 1962 to 2012, we ...
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Households' Vulnerability to Covariate and Idiosyncratic Shocks
... by idiosyncratic and covariate ...of shocks. Information on idiosyn- cratic and covariate shocks is therefore in most data sets either completely missing or very ...the aggregate vulnerability ...
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Estimating Vulnerability to Covariate and Idiosyncratic Shocks
... the aggregate vulnerability of households, has been pioneered by Townsend (1994) and Udry (1995), who were some of the first using panel data to analyze whether households are able to insure their consumption ...
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Trade patterns, trade balances and idiosyncratic shocks
... model. Idiosyncratic shocks are neces- sarily messy and do not lend themselves easily to beautiful ...and output is ...cratic shocks will not have much of an impact on aggregate trade ...
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Interpreting Permanent Shocks to Output When Aggregate Demand May Not be Neutral in the Long Run
... 1. Our specification substitutes price level data for the unemployment rate used by Blanchard and Quah. See Keating and Nye (1998) for a discussion of possible advantages to this substitution. 2. It is helpful to define ...
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Incomplete information and the idiosyncratic foundations of aggregate volatility
... structures, idiosyncratic shocks are shown to not “wash out” in aggregate ...These aggregate effects are also shown to be persistent despite the underlying idiosyncratic shocks ...
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Decomposing Changes in Aggregate Loan-to-Value Ratios
... the aggregate LTV ratio can be decomposed into three terms: the contribution due to a change in the LTV ratio of the continuing households plus the contributions of entering and exiting ...analysis. ...
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The Private Memory of Aggregate Shocks
... revelation mechanisms, in which agents are asked to report their types at each period, and are assigned corresponding bundles. Define a reporting strategy, σ = { σ t } T t = 1 , as a sequence of mappings σ t : Z t × Θ t ...
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A Theory of Continuum Economies with Idiosyncratic Shocks and Random Matchings
... sidering one person’s effect on aggregate characteristics of the economy. Along with a continuum of agents, these models often incorporate a se- quence of independent shocks and random matchings. Despite ...
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Idiosyncratic Shocks, Lumpy Investment and the Monetary Transmission Mechanism
... [Figure 3 about here.] The dynamic consequences of the monetary policy shock under consideration are out of line with their empirical SVAR counterpart. In fact, as …gure 3 makes clear, the impact responses of investment ...
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Idiosyncratic Shocks, Lumpy Investment and the Monetary Transmission Mechanism
... [Figure 3 about here.] The dynamic consequences of the monetary policy shock under consideration are out of line with their empirical SVAR counterpart. In fact, as …gure 3 makes clear, the impact responses of investment ...
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Sectoral Inflation Dynamics, Idiosyncratic Shocks and Monetary Policy
... since idiosyncratic shocks are on average more volatile than common component shocks ...macroeconomic shocks as these adjustments are likely to be associated with idiosyncratic ...to ...
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Optimal Fiscal Policy in a Model with Uninsurable Idiosyncratic Shocks
... By decomposing the welfare gains we diagnose that, relative to the current US tax system, this policy leads to an overall reduction of the distortions of agent’s decisions, to a substantial amount of ...
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Decomposing The Conditional Variance of Cross-Country Output
... Given that recent studies have highlighted the difference between African countries and the rest of the world, we isolate the Sub-Saharan countries within our dataset in Table 4. The results are almost identical to those ...
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Taxes, debts, and redistributions with aggregate shocks
... face idiosyncratic income risk. When idiosyncratic income risk is big enough relative to aggregate government expenditure risk, the Ramsey planner chooses to issue debt in order to help households ...
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Taxes, debts, and redistributions with aggregate shocks
... Two technical contributions facilitate our analysis. First, for the quasilinear preferences stud- ied in section 3, we obtain sharp characterizations of the ergodic distribution of debt and taxes by approximating ...
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Sectoral and aggregate technology shocks: Is there a relationship?
... specific shocks in productivity and demand in 19 manufacturing sectors of the Austrian ...non-technology shocks from sectoral andaggregate data and study their patterns and relationship by means of a ...
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