Missing Aggregate Dynamics: On the Slow Convergence of Lumpy Adjustment Models
收藏NBER2003-08-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w9898
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资源简介：
The estimated persistence of macro aggregates involving lumpy microeconomic adjustment is biased downward when inferred from VAR estimates. The extent of this missing persistence bias decreases with the level of aggregation, yet convergence is very slow. Paradoxically, while idiosyncratic shocks
提供机构：
美国国家经济研究局
创建时间：
2003-08-01
