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...
| Principais autores: | , , , , |
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| Outros Autores: | |
| Formato: | Artigo |
| Idioma: | en_US |
| Publicado em: |
American Economic Association
2017
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| Acesso em linha: | http://hdl.handle.net/1721.1/110995 https://orcid.org/0000-0003-0908-7491 https://orcid.org/0000-0002-1827-1285 |