Now showing items 1-2 of 2

    • Missing aggregate dynamics: on the slow convergence of lumpy adjustment models 

      Berger, David; Caballero, Ricardo; Engel Goetz, Eduardo (Universidad de Chile, Facultad de Economía y Negocios, 2015-11)
      When microeconomic adjustment is lumpy, the VAR-estimated persistence of the corresponding aggregated variable is downward biased. The extent of this bias decreases with the level of aggregation, yet convergence is very ...
    • Price Rigidities. Asymmetries and Output Fluctuations 

      Caballero, Ricardo; Engel Goetz, Eduardo (National Bureau of Economic Research, 1992)
      In this paper we characterize the average response of output to aggregate demand shocks in an economy where individual firms follow state-dependent pricing rules. We find that: (i) the average response of output to aggregate ...