Studies in Aggregate Economics

经济学中一个有希望的发展是发展和使用 计算实验。 这需要计算 一个很好的经济模型的均衡过程。 这些 方法已被用来解决各种经济问题， 与各种税收计划相关的无谓损失， 各种随机扰动的定量贡献 对商业周期的影响 但在此之前， 方法通常使用代表性试剂或 确定性经济 众所周知，一些异质代理经济体的行为就像 只有一户人家为了解决一些 然而，对使用起诉权的理由提出了质疑， 代理抽象纯粹是由计算 注意事项。 最近的研究表明， 经济体低估了通货膨胀的成本， 这表明，对于大多数货币问题， 经济学，需要异质代理经济。的 研究人员开发了实用计算方法， 分析多主体经济，这个项目的一部分 我将应用这些方法来研究这种经济， 随机货币政策规则。 该分析将提供一个 更好地理解货币与 真实的部门。 该项目的第二部分将利用最近的发展 在一般均衡理论中， 金融中介部门的产出。 这些方法 需要复杂合约的享乐定价。 使用这些 同样的理论进步，经济分析，其中 操作每个工厂的工人数量和 小时每个工厂的运作可以改变，将进行。 初步结果表明，这是一个重要的考虑因素 商业周期会计。 最后，进行了实证研究， 确定生产力和产出变动的性质， 行业层面将开展。 这其中的关键特征 分析认为，人力资本在一定程度上是企业特有的。 的 问题是顺周期生产率 运动是从该特征中抽象出来的人工产物， 而不是外生技术变革的结果。这个问题 是经济周期核算中的另一个重要问题。

A promising development in economics is the development and use of computational experiments. This entails computing the equilibrium process for a well specified model economy. These methods have been used to address various economic questions such as the dead weight loss associated with various tax schemes or the quantitative contributions of various stochastic disturbances to the business cycle. But previously, the application of these methods has typically used a representative agent or deterministic economy. Some heterogeneous agent economies are known to behave as if there were a single standing household. For addressing some questions, however, the justification for the use of a standing agent abstract is dictated purely by computational considerations. Recent findings that show that standing agent economies underestimate the cost of inflation by a factor of three, and this suggests that for most issues in monetary economics, heterogeneous agent economies are needed. The investigator has developed practical computational methods for analyzing multi-agent economies, and one part of this project will apply these methods to study such economies with explicit stochastic monetary policy rules. This analysis will provide a better understanding of the relationship between the monetary and real sectors. The second part of the project will exploit recent developments in general equilibrium theory to develop a way to measure the output of the financial intermediation sector. These methods entail the hedonic pricing of complex contracts. Using these same theoretical advances, an analysis of economies, in which both the number of workers operating each plant and the number of hours each plant is operated can be varied, will be conducted. Preliminary results indicate this is an important consideration for business cycle accounting. Finally, an empirical study to determine the nature of productivity and output movements at the industry level will be undertaken. The key feature of this analysis is that human capital is in part firm specific. The question being addressed is whether procyclical productivity movements are an artifact of abstracting from this feature and not the result of exogenous technological change. This question is another important issue in business cycle accounting.