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BEGIN:VEVENT
UID:22c8c74a3f1dce77728671b64d0f6ace
CATEGORIES:Seminars
CREATED:20150211T150749
SUMMARY:David Berger - Northwestern University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Missing Aggregate Dynamics: On the Slow Convergence of Lumpy Adjustment Mod
 els\nAbstract:\nConventional VAR procedures imply less persistence than the
 re really is when adjustments underlying an aggregate variable are lumpy. T
 he extent to which persistence is underestimated decreases with the level o
 f aggregation, yet convergence is very slow and the bias is likely to be pr
 esent for sectoral data in general and, in many cases, for aggregate data a
 s well. We propose procedures to correct for the bias and provide various a
 pplications. In one of them we find that the different speeds with which in
 flation responds to sectoral and aggregate shocks disappears once we correc
 t for the missing dynamics.\n
DTSTAMP:20260421T171403Z
DTSTART:20141013T173000Z
DTEND:20141013T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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