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BEGIN:VEVENT
UID:22c8c74a3f1dce77728671b64d0f6ace
CATEGORIES:Seminars
CREATED:20150211T150749
SUMMARY:David Berger - Northwestern University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p style="text-align: justify;"><strong>Missing Aggregate Dynamics: On the 
 Slow Convergence of Lumpy Adjustment Models</strong></p><p style="text-alig
 n: justify;">Abstract:</p><p style="text-align: justify;">Conventional VAR 
 procedures imply less persistence than there really is when adjustments und
 erlying an aggregate variable are lumpy. The extent to which persistence is
  underestimated decreases with the level of aggregation, yet convergence is
  very slow and the bias is likely to be present for sectoral data in genera
 l and, in many cases, for aggregate data as well. We propose procedures to 
 correct for the bias and provide various applications. In one of them we fi
 nd that the different speeds with which inflation responds to sectoral and 
 aggregate shocks disappears once we correct for the missing dynamics.</p>
DTSTAMP:20260421T171622Z
DTSTART:20141013T173000Z
DTEND:20141013T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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