Aggregation and irrelevance in multi-sector models

• 成果类型: Article
• 署名作者: Dupor, B
• 署名单位: University of Pennsylvania
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(98)00057-9
• 发表日期: 1999
• 页码: 391-409
• 关键词: aggregate fluctuations; comovement; Input-output structure; spectrum

摘要

This paper studies the ability of input-output relationships to generate fluctuations in aggregate output in several multi-sector models, including that of Long and Plosser (1983). In these models, the manufacture of each sector's output depends on other sectors for materials. These interconnections provide a mechanism for transmission of shocks across sectors and over time. We ask how aggregates from these multi-sector models behave relative to single-sector models. We provide conditions under which the second moment properties of aggregates in these models are the same as their single-sector counterparts. We further demonstrate that a broad class of input-output structures generate aggregates with identical second moment properties, and that the input-output structures in this class provide a poor amplification mechanism for sector shocks. (C) 1999 Published by Elsevier Science B.V. All rights reserved. JEL classification: E1; E32; C67.