题   目：Aggregate  Fluctuations from Clustered Micro Shocks

嘉   宾：Daisoon Kim, Assistant Professor, North Carolina State University

主持人：Yuta SUZUKI，助理教授，上海交通大学安泰经济与管理学院

时   间：2022年12月7日（周三）10:00-11:30

地   点：上海交通大学（徐汇校区）安泰经济与管理学院B716 （Zoom会议直播）

（校内师生如需会议号和密码，请发邮件至yueqiwang@sjtu.edu.cn获取）      

内容简介：

Idiosyncratic shocks to individual firms affect  aggregates when they are correlated. In this case, a firm’s cross-sectionally demeaned fluctuations (a) are a  poor proxy for measuring true idiosyncratic shocks and (b) have negligible  cross-firm correlation by construction, regardless of true correlation. This  paper proposes a way to calculate a range of the contribution of idiosyncratic  comovements across firms within industries to aggregate fluctuations, “clustered origins”,  from observed data. In the US, clustered origins can explain GDP volatility  and its evolution. The contribution of clustered origins to GDP volatility  increased from around 10% to 25% over the past two decades. These findings  suggest networks and interconnections between firms deserve a central place in  macroeconomics.

演讲人简介：

Daisoon Kim, Assistant Professor of NC State  University, originally from the Republic of Korea, focuses his research on  international economics and macroeconomics fields. He received his doctorate  degree in economics from the University of Washington. His previous role was  at the London Business School in the UK as a research fellow.

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