| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21956 |
| 来源ID | Working Paper 21956 |
| The Aggregate Implications of Regional Business Cycles | |
| Martin Beraja; Erik Hurst; Juan Ospina | |
| 发表日期 | 2016-02-08 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Making inferences about aggregate business cycles from regional variation alone is diffcult because of economic channels and shocks that differ between regional and aggregate economies. However, we argue that regional business cycles contain valuable information that can help discipline models of aggregate fluctuations. We begin by documenting a strong relationship across US states between local employment and wage growth during the Great Recession. This relationship is much weaker in US aggregates. Then, we present a methodology that combines such regional and aggregate data in order to estimate a medium-scale New Keynesian DSGE model. We find that aggregate demand shocks were important drivers of aggregate employment during the Great Recession, but the wage stickiness necessary for them to account for the slow employment recovery and the modest fall in aggregate wages is inconsistent with the flexibility of wages we observe across US states. Finally, we show that our methodology yields different conclusions about the causes of aggregate employment and wage dynamics between 2007 and 2014 than either estimating our model with aggregate data alone or performing back-of-the-envelope calculations that directly extrapolate from well-identified regional elasticities. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w21956 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/579630 |
| 推荐引用方式 GB/T 7714 | Martin Beraja,Erik Hurst,Juan Ospina. The Aggregate Implications of Regional Business Cycles. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w21956.pdf（926KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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