| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16183 |
| DP16183 Heterogeneity and Aggregate Fluctuations | |
| Minsu Chang; Xiaohong Chen; Frank Schorfheide | |
| 发表日期 | 2021-05-24 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We develop 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 use this model to study the joint dynamics of technology shocks, per capita GDP, employment rates, and the earnings distribution. We find that the estimated spillovers between aggregate and distributional dynamics are generally small, a positive technology shock tends to decrease inequality, and a shock that raises the inequality of earnings leads to a small but not significant increase in GDP. |
| 主题 | Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Bayesian model selection Econometric model evaluation Earnings distribution Functional vector autoregressions Heterogeneous agent models State-space model Technology shocks |
| URL | https://cepr.org/publications/dp16183 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545155 |
| 推荐引用方式 GB/T 7714 | Minsu Chang,Xiaohong Chen,Frank Schorfheide. DP16183 Heterogeneity and Aggregate Fluctuations. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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