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Persistent link: https://www.econbiz.de/10005122513
We detect a new stylized fact that is common to the dynamics of all macroeconomic series, including financial aggregates. Their Auto-Correlation Functions (ACFs) share a common four-parameter functional form that arises from the dynamics of a general equilibrium model with heterogeneous firms....
Persistent link: https://www.econbiz.de/10010664701