Selection, Reallocation and the Shape of Aggregate Fluctuations: A General Equilibrium Analysis
Aubhik Khan () and
Gian Luca Clementi
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Dino Palazzo: Boston University
Gian Luca Clementi: Stern School, New York Univ.
No 1364, 2011 Meeting Papers from Society for Economic Dynamics
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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