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Accounting for Heterogeneity

Author

Listed:
  • David Berger

    (Northwestern University)

  • Alessandro Dovis

    (University of Pennsylvania)

  • Luigi Bocola

    (Stanford University, FRB of Minneapolis)

Abstract

10 years ago, Chari, Kehoe and MaGrattan (2007) proposed a framework to guide business cycle research. They measured the importance of distortions ("wedges") between macroeconomic data and what was implied by a benchmark neoclassical growth model and used these wedges to evaluate models of the business cycle. In this paper, we extend CKM to allow for distortions at the micro level and use this framework to understand and measure the importance of heterogeneity over the business cycle.

Suggested Citation

  • David Berger & Alessandro Dovis & Luigi Bocola, 2018. "Accounting for Heterogeneity," 2018 Meeting Papers 588, Society for Economic Dynamics.
    • Handle: RePEc:red:sed018:588
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    File URL: https://red-files-public.s3.amazonaws.com/meetpapers/2018/paper_588.pdf
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    Cited by:

    1. Andreas Tryphonides, 2020. "Heterogeneity and the Dynamic Effects of Aggregate Shocks," Papers 2007.14022, arXiv.org.

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