We study the impact of alternative detrending techniques on the distributional properties of U.S. output time series. We detrend GDP and industrial production time series employing first-differencing, Hodrick-Prescott and bandpass filters. We show that the resulting distributions can be...

This paper shows that the available stylized facts on productivity dynamics, such as persistent cross-sectoral heterogeneity, do not allow to solve an identification problem regarding the impact of common drivers - such as General Purpose Technologies (GPTs) - on economic growth. The evidence of...

This paper shows that the available stylized facts on productivity dynamics, such as persistent cross-sectoral heterogeneity, do not allow to solve an identification problem regarding the impact of common drivers - such as General Purpose Technologies (GPTs) - on economic growth. The evidence of...

This paper investigates whether the observed momentum effect in individual stocks, caused by positive serial correlations in monthly returns over short horizons, can be explained by fundamentalists' heterogeneous beliefs when chartists are present in the market. To this end, we propose a...

We study equilibrium selection in coordination games played by a population of agents whose size increases over time. We assume that, in each time period, a new player enters the economy, observes current strategy shares and irreversibly chooses a strategy on the basis of expected payoffs. We...

We study equilibrium selection in coordination games played by a population of agents whose size increases over time. We assume that, in each time period, a new player enters the economy, observes current strategy shares and irreversibly chooses a strategy on the basis of expected payoffs. We...

This paper proposes a simple procedure to decide whether the empirically-observed adjacency or weights matrix, which characterizes the graph underlying a socio-economic network, is sufficiently symmetric (respectively, asymmetric) to justify an undirected (respectively, directed) network...

This paper proposes a simple procedure to decide whether the empirically-observed adjacency or weights matrix, which characterizes the graph underlying a socio-economic network, is sufficiently symmetric (respectively, asymmetric) to justify an undirected (respectively, directed) network...