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Aggregate Fluctuations from Independent Sectoral Shocks : Self-Organized Criticality in a Model of Production and Inventory Dynamics
Bak, Peter - 1992
This paper illustrates how fluctuations in aggregate economic activity can result from many small, independent shocks to individual sectors. The effects of the small independent shocks fail to cancel in the aggregate due to the presence of two non-standard assumptions: local interaction between...
Persistent link: https://www.econbiz.de/10012474722
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Aggregate Fluctuations from Independent Sectoral Shocks : Self-Organized Criticality in a Model of Production and Inventory Dynamics
Bak, Peter; Chen, Kan; Scheinkman, José; Woodford, Michael - 2021
This paper illustrates how fluctuations in aggregate economic activity can result from many small, independent shocks to individual sectors. The effects of the small independent shocks fail to cancel in the aggregate due to the presence of two non-standard assumptions: local interaction between...
Persistent link: https://www.econbiz.de/10013217212
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An optimization-based econometric framework for the evaluation of monetary policy
Rotemberg, Julio; Fuhrer, Jeffrey C. - In: NBER macroeconomics annual 12 (1997), pp. 297-346
Persistent link: https://www.econbiz.de/10001254157
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Self-organized criticality and economic fluctuations
Scheinkman, José Alexandre - In: The American economic review 84 (1994) 2, pp. 417-421
Persistent link: https://www.econbiz.de/10001168399
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Is the business cycle a necessary consequence of stochastic growth?
Rotemberg, Julio; Woodford, Michael - 1994
Persistent link: https://www.econbiz.de/10000883030
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Self-fulfilling expectations and fluctuations in aggregate demand
Woodford, Michael - 1990
Persistent link: https://www.econbiz.de/10000790828
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Cyclical markups : theories and evidence
Rotemberg, Julio - 1990
Persistent link: https://www.econbiz.de/10000804974
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The cyclical behavior of prices and costs
Rotemberg, Julio; Woodford, Michael - 1999
Persistent link: https://www.econbiz.de/10001367475
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Structural slumps
Woodford, Michael - In: Journal of economic literature 32 (1994) 4, pp. 1784-1815
Persistent link: https://www.econbiz.de/10001173018
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The cyclical behavior of prices and costs
Rotemberg, Julio; Woodford, Michael - 1999
Persistent link: https://www.econbiz.de/10001435623