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Macroeconomics with Heterogeneous Agents and Input-Output Networks

David Baqaee and Emmanuel Farhi ()

No 13006, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The goal of this paper is to simultaneously unbundle two interacting reduced-form building blocks of traditional macroeconomic models: the representative agent and the aggregate production function. We introduce a broad class of disaggregated general equilibrium models with Heterogeneous Agents and Input-Output networks (HA-IO). We characterize their properties through two sets of results describing the propagation and the aggregation of shocks. Our results shed light on many seemingly disparate applied questions, such as: sectoral comovement in business cycles; factor-biased technical change in task-based models; structural transformation; the effects of corporate taxation; and the dependence of fiscal multipliers on the composition of government spending.

Keywords: aggregation; comovement; Heterogeneous Agents; production networks; propagation (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2018-06
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