The Sum-Product Theorem: A Foundation for Learning Tractable Models, with Abram Friesen. 1 Mar 2020 of the case of Hulten's potential, as is explained in [2]. The following is the statement of “Fundamental theorem of Algebraic Analysis”. 13 Feb 2020 aggregate impact of productivity changes at the microeconomic level in a world with intermediate inputs—referred to as “Hulten's Theorem.” Charles R. Hulten is a professor of economics at the University of Maryland turns, the basic theorem of capital aggregation establishes that a capital aggre-. 14 Feb 2019 This goes back to the Hulten (1978) theorem, which shows that. Domar weights are a sufficient statistic for the aggregation of productivity shocks;. 4 Sep 2018 Gabaix (2011) for a discussion of the justification Domar weights and Hulten's theorem.

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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 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. Hulten’s Theorem (1978) Take an efﬁcient economy with N goods produced by N sectors subject to Hicks-neutral shocks A i. Hulten’s Theorem: ∂ logC ∂ logAi = p iy PC i.e at the ﬁrst order: logC ≈ N ∑ i=1 p iy i PC logA i ⇒ The effect of shocks on C is summarized by the sales share only!

Therefore, even if Hulten’s Theorem does hold, the topology of the network describing relationships between suppliers and customers does play an important role.

• Things to notice: 1. Price of a good depends on its TFP and on the price of its inputs.

Key features ignored by first-order approximations that play a crucial role are: structural microeconomic elasticities of substitution, network linkages, structural microeconomic returns to scale, and the extent of factor reallocation. 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. Theorem 2 resembles Hulten’s theorem, suggesting that the Gabaix (2011) result can be extended in the following manner: idiosyncratic shocks to firm-level markups can result in first-order labor wedge movement as long as the firm size distribution is fat-tailed. Intresseanmälan. Vill du veta mer? Lämna dina kontaktuppgifter nedan så kontaktar vi dig.

In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms.

Konstruktivisme sosial

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 they are important. Estimates by Nakamura (2001) and Corrado, Hulten, and Sichel (2005) suggest that U.S. businesses invest as much in their intangibles as they do in their plant and equipment (including IT). CHS put the amount of ‘missing’ intangible investment at more than $1 trillion in the early 2000s, and the corresponding amount of Department of Economics Working Paper 2019:6 Uppsala University February 2019 Box 513 ISSN 1653-6975 751 20 Uppsala Sweden Business Cycles and Production Networks Hulten’s theorem is instrumental for both measuring and predicting the e ects of microeconomic shocks on aggregate TFP. Our objective is to provide a workable gener-alization of Hulten’s theorem for economies with distortions, and our results can also be used to both measure changes in productivity and to make predictions about how 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) consideration. Therefore, even if Hulten’s Theorem does hold, the topology of the network describing relationships between suppliers and customers does play an important role.

Abstract: We provide a nonlinear characterization of the macroeconomic impact of microeconomic TFP shocks in terms of reduced-form non-parametric elasticities for efficient economies. 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
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.

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The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem. David Baqaee and Emmanuel Farhi.

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Hos Hulténs finner du ett stort utbud av välkända varumärken inom möbler, utemöbler och inredning. Nedan kan du hitta till specifika leverantörers produkter. Hem. The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem. David Baqaee and Emmanuel Farhi. Working Paper from Harvard University OpenScholar. Abstract: We provide a nonlinear characterization of the macroeconomic impact of microeconomic TFP shocks in terms of reduced-form non-parametric elasticities for efficient economies. 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 In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms.

First The macroeconomic impact of microeconomic shocks: Beyond Hulten's theorem. Econometrica 87(4): 1155-1203. Gabaix, X. (2011). The granular origins of aspects (Hulten et al. 2001; Gaber et al.

Though mathematically true, the result sounds somewhat unintuitive: Shutting down electricity or the transportation system can have impacts above and beyond each industry’s sales as a share of GDP. Turns out the theorem’s quantiﬁers actually matter!