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Selection, Reallocation and the Shape of Aggregate Fluctuations: A General Equilibrium Analysis

  • Julia K. Thomas

    (Ohio State Univ.)

  • Dino Palazzo

    (Boston University)

  • Aubhik Khan

    (Ohio State Univ.)

  • Gian Luca Clementi

    (Stern School, New York Univ.)

The model we explore is in the spirit of Hopenhayn (1992) and, more directly, an extension of Clementi and Palazzo (2010). Our interest here is to better understand how selection reshapes the dynamics of macro aggregates in a general equilibrium setting with realistic firm-level investment patterns and life-cycle dynamics. More specifically, in an analysis disciplined by long-run observations on both aggregate and firm-level variables, we examine the extent to which procyclical entry and countercyclical exit lead to amplification, greater propagation and nonlinearities in the movements of aggregate production, employment and investment.

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Paper provided by Society for Economic Dynamics in its series 2011 Meeting Papers with number 1364.

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Date of creation: 2011
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Handle: RePEc:red:sed011:1364
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