| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26881 |
| 来源ID | Working Paper 26881 |
| What Do We Learn From Cross-Regional Empirical Estimates in Macroeconomics? | |
| Adam Guren; Alisdair McKay; Emi Nakamura; Jón Steinsson | |
| 发表日期 | 2020-03-23 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Recent empirical work uses variation across cities or regions to identify the effects of economic shocks of interest to macroeconomists. The interpretation of such estimates is complicated by the fact that they reflect both partial equilibrium and local general equilibrium effects of the shocks. We propose an approach for recovering estimates of partial equilibrium effects from these cross-regional empirical estimates. The basic idea is to divide the cross-regional estimate by an estimate of the local fiscal multiplier, which measures the strength of local general equilibrium amplification. We apply this approach to recent estimates of housing wealth effects based on city-level variation, and derive conditions under which the adjustment is exact. We then evaluate its accuracy in a richer general equilibrium model of consumption and housing. The paper also reconciles the positive cross-sectional correlation between house price growth and construction with the notion that cities with larger price volatility have lower housing supply elasticities using a model in which housing supply elasticities are more dispersed in the long run than in the short run. |
| 主题 | Macroeconomics ; Consumption and Investment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w26881 |
| 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/584554 |
| 推荐引用方式 GB/T 7714 | Adam Guren,Alisdair McKay,Emi Nakamura,et al. What Do We Learn From Cross-Regional Empirical Estimates in Macroeconomics?. 2020. |
| 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 | ||
| w26881.pdf（547KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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