Evidence on Macroeconomic Complementarities
AbstractThis paper provides empirical evidence on macroeconomic complementarities, a restriction on the nature of interaction between individuals in a multiagent setting. These models imply that activities across agents will be positively correlated, that discrete decisions will be synchronized, and that disturbances will be magnified and propagated. The paper shows that these implications are consistent with aggregate observations as well as some microeconomic evidence. Further, looking at certain historical episodes, such as the National Industrial Recovery Act, as well as seasonal fluctuations provides additional support for models with macroeconomic complementarities. Copyright 1996 by MIT Press.
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Bibliographic InfoArticle provided by MIT Press in its journal Review of Economics & Statistics.
Volume (Year): 78 (1996)
Issue (Month): 1 (February)
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Web page: http://mitpress.mit.edu/journals/
Other versions of this item:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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