Microeconomic Origins of Macroeconomic Tail Risks

Microeconomic Origins of Macroeconomic Tail Risks

Using a multisector general equilibrium model, we show that the interplay of idiosyncratic microeconomic shocks and sectoral heterogeneity results in systematic departures in the likelihood of large economic downturns relative to what is implied by the normal distribution. Such departures can emerge...

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Bibliographic Details
Main Authors: Acemoglu, Daron, Ozdaglar, Asuman, Tahbaz-Salehi, Alireza, Acemoglu, K. Daron, Koksal, Asuman E.
Other Authors: Massachusetts Institute of Technology. Department of Economics
Format: Article
Language:en_US
Published: American Economic Association 2017
Online Access:http://hdl.handle.net/1721.1/110995
https://orcid.org/0000-0003-0908-7491
https://orcid.org/0000-0002-1827-1285

Internet

http://hdl.handle.net/1721.1/110995
https://orcid.org/0000-0003-0908-7491
https://orcid.org/0000-0002-1827-1285

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