This kind of macro theory is underrated

01 Mar 2024 Leave a comment

by Jim Rose in applied price theory, business cycles, fiscal policy, history of economic thought, job search and matching, macroeconomics, monetary economics Tags:

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 TFP. We embed the product-market friction in a standard neoclassical model and estimate it […]

This kind of macro theory is underrated

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