The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem. David Baqaee and Emmanuel Farhi. Econometrica, 2019, vol. 87, issue 4, 1155-1203 . Abstract: We provide a nonlinear characterization of the macroeconomic impact of microeconomic productivity shocks in terms of reduced‐form nonparametric elasticities for efficient economies.
23 Mar 2017 The Macroeconomic Impact of Microeconomic. Shocks: Beyond Hulten's Theorem. David Rezza Baqaee. LSE. Emmanuel Farhi∗. Harvard.
LÅNG ERFARENHET I vår verkstad med många års erfarenhet utförs tillverkning och reperation av bland annat liftdumpercontainer Hulthéns, Göteborg. 524 likes. www.hulthens.com 30 Nov 2016 The Macroeconomic Impact of Microeconomic. Shocks: Beyond Hulten's Theorem. David Rezza Baqaee.
Price of a good depends on its TFP and on the price of its inputs. 2. Prices propagate downstream. • Hulten's theorem: d log Y d log zi. 22 Apr 2020 Hulten's theorem states that in an efficient economy, the Domar weights are sufficient statistics for the first-order effects of sectoral productivities Key-words: singular operators, time derivative, hypervirial theorem, Ehrenfest theorem, Coulomb and virial theorem for Coulomb and oscillator potentials was considered and corrections to the Kramers' sum The Hulten potential: In this sense, we extend the foundational theorem of Hulten (1978) beyond the first order to capture nonlinearities. Key features ignored by first‐order 30 Nov 2020 The Hulten's theorem holds across steady-states: the sales share γi of sector i characterizes the steady-state importance of each sector's TFP. 2 Nov 2020 conomic Shocks: Beyond Hulten's Theorem,” NBER Working Papers 23145, National.
• Things to notice: 1. Price of a good depends on its TFP and on the price of its inputs.
Charles R. Hulten; Growth Accounting with Intermediate Inputs, The Review of Economic Studies, Volume 45, Issue 3, 1 October 1978, Pages 511–518, https://doi.or
Oil is used as an inelastic (think Leontief) input in all industries. Baqaee and Farhi (2017): And elasticity of substitution has increased over time Issue: oil expenditure share in 1970s should have been >30% 3/7 Charles R. Hulten; Growth Accounting with Intermediate Inputs, The Review of Economic Studies, Volume 45, Issue 3, 1 October 1978, Pages 511–518, https://doi.or Hulten’s theorem is a cornerstone of productivity and growth accounting: it shows how to construct aggregate TFP growth from microeconomic TFP growth, and provides structurally-interpretable decompositions of changes of national or sectoral aggregates into the changes of their disaggregated component industries or firms. It also provides the In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms to capture nonlinearities. Key features ignored by first-order approximations that play a crucial role are: structural elasticities of substitution, network linkages, structural returns … 2019-07-01 Hulten’s Theorem Define C(A1;:::;AN) to be competitive equilibrium aggregate consumption function interpreted as output.
In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms. Key features ignored by first-order approximations that play a crucial role are: structural elasticities of substitution, network linkages, structural returns to scale, and the extent of factor reallocation.
Hulten’s theorem gives a formal justification for this average as a first-order approximation and showsthattheappropriateweightsareobservedexpenditureshares.
Acemoglu, Carvalho, Ozdaglar and Tahbaz-Salehi, “The Network Origins of Aggregate
Hulten’s theorem appeared to offer a very useful simplification and so it diverted the attention of economists away from trying to model the structure of production. But I’ve always been skeptical. One reason is that rapid increases in the price of oil have preceded almost all U.S. recessions
Although Hulten's theorem is most prominent for its use in growth accounting, where it is employed to measure movements in the economy's production possibility frontier, it is also thebenchmark result in the resurgent literature on the macroeconomic impact of microeconomic shocks in mutisector models and models with production networks. 2
The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem with E. Farhi [Press Coverage] (Econometrica: 2019) Cascading Failures in Production Networks [Older Longer Version] (Econometrica: 2018)
These assumptions allow us to apply Hulten’s Theorem to the implied percentage change in sales from the 737 MAX production pause. Specifically, given these assumptions, the idiosyncratic shock is measured as the percentage decrease in quarterly sales revenue relative to our baseline year’s (2018) quarterly average sales revenue.
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In this sense, the paper extends the foundational theorem of Hulten (1978) beyond first-order terms to capture nonlinearities. Key features ignored by first-order approximations that play a crucial role are: structural elasticities of substitution, network linkages, structural returns to scale, and the degree to which factors can be reallocated.
What is Hulten’s Theorem? In an efficient economy, the macro impact of a shock to industry i depends on i ’s sales as a share of aggregate output, up to a first-order Although Hulten’s theorem is most prominent for its use in growth accounting, where it is employed to measure movements in the economy’s production possibility frontier, it is also the benchmark result in the resurgent literature on the macroeconomic impact of microeconomic shocks in mutisector models and models with production networks.2 of GDP. Hulten’s theorem (Appendix B) motivates the use of sales rather than value added. innovations by Walmart, the difficulties of a Japanese bank, new exports by Boeing, and a strike at General Motors.3 Since modern economies are dominated by large firms, idiosyncratic shocks to these firms can lead to nontrivial aggregate shocks. Intresseanmälan. Vill du veta mer?
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But I’ve always been skeptical. One reason is that rapid increases in the price of oil have preceded almost all U.S. recessions Although Hulten's theorem is most prominent for its use in growth accounting, where it is employed to measure movements in the economy's production possibility frontier, it is also thebenchmark result in the resurgent literature on the macroeconomic impact of microeconomic shocks in mutisector models and models with production networks. 2 The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem with E. Farhi [Press Coverage] (Econometrica: 2019) Cascading Failures in Production Networks [Older Longer Version] (Econometrica: 2018) These assumptions allow us to apply Hulten’s Theorem to the implied percentage change in sales from the 737 MAX production pause.