| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26210 |
| 来源ID | Working Paper 26210 |
| Search Complementarities, Aggregate Fluctuations, and Fiscal Policy | |
| Jesús Fernández-Villaverde; Federico Mandelman; Yang Yu; Francesco Zanetti | |
| 发表日期 | 2019-09-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We document five novel facts about the role of search effort in forming trading relationships among firms by combining a variety of micro and macro datasets. These facts strongly suggest the presence of search complementarities. To study the implications of these facts for aggregate fluctuations, we build a dynamic general equilibrium model, disciplined by our new firm-level evidence on search effort. The model matches key aspects of the macro and micro data that have remained unaccounted for by standard models, including the time-varying bimodal distribution of output and the strong, nonlinear propagation of shocks. Also, changes to the volatility of shocks have nonlinear effects on macroeconomic fluctuations that advance a novel interpretation of the Great Moderation. Finally, we provide a new account of the state-dependent effects of fiscal policy. |
| 主题 | Microeconomics ; Mathematical Tools ; Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w26210 |
| 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/583881 |
| 推荐引用方式 GB/T 7714 | Jesús Fernández-Villaverde,Federico Mandelman,Yang Yu,et al. Search Complementarities, Aggregate Fluctuations, and Fiscal Policy. 2019. |
| 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 | ||
| w26210.pdf（1347KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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