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    • 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 ...