Accounting for Heterogeneity

David Berger, Alessandro Dovis and Luigi Bocola
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Alessandro Dovis: University of Pennsylvania

No 588, 2018 Meeting Papers from Society for Economic Dynamics

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.

Date: 2018
New Economics Papers: this item is included in nep-dge
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed018:588

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