Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7349070 | Economics Letters | 2018 | 5 Pages |
Abstract
Using a multi-industry real business cycle model, we empirically examine the microeconomic origins of aggregate tail risks. Our model, estimated using industry-level data from 1972 to 2016, indicates that industry-specific shocks account for most of the third and fourth moments of GDP growth.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Enghin Atalay, Thorsten Drautzburg, Zhenting Wang,