Demand Shocks as Technology Shocks.
We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which, in turn, increases GDP and measured total factor productivity (TFP). We embed the product-m...
| Publicado en: | Review of Economic Studies Vol. 93; no. 2; pp. 798 - 833 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Oxford University Press / USA
Mar2026
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=192334039&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 192334039 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00346527 REM jtl: Review of Economic Studies issn: 00346527 maglogo: N pubinfo: dt: Mar2026 vid: 93 iid: 2 pid: 622 pub: Oxford University Press / USA artinfo: ui: 192334039 10.1093/restud/rdaf045 ppf: 798 ppct: 35 formats: tig: atl: Demand Shocks as Technology Shocks. aug: au: Bai, Yan Ríos-Rull, José-Víctor Storesletten, Kjetil affil: University of Rochester, USA University of Pennsylvania, USA University of Minnesota, USA su: Economic demand Macroeconomics Consumption (Economics) Business cycles Economic shock Economic efficiency Bayes' estimation sug: subj: Economic demand Macroeconomics Consumption (Economics) Business cycles Economic shock Economic efficiency Bayes' estimation keyword: copyrightHolder:Review of Economic Studies Ltd copyrightYear:2026 Demand shocks inLanguage:en publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/restud/rdaf045 Shopping frictions Technology shocks copyrightHolder:Review of Economic Studies Ltd copyrightYear:2026 Demand shocks inLanguage:en publisher:Oxford University Press sameAs:https://dx.doi.org/10.1093/restud/rdaf045 Shopping frictions Technology shocks ab: We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which, in turn, increases GDP and measured total factor productivity (TFP). We embed the product-market friction in a standard neoclassical model and estimate it using Bayesian techniques. Business cycles are driven by preference shocks, true technology shocks, and investment-specific shocks. Preference shocks have qualitatively similar effects as true productivity shocks. These shocks account for a large share of the fluctuations in consumption, GDP, and measured TFP and can be identified using shopping time data. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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