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This paper argues that, in the presence of intersectoral input–output linkages, microeconomic idiosyncratic shocks may lead to aggregate fluctuations. We show that, as the economy becomes more disaggregated, the rate at which aggregate volatility decays is determined by the structure of the...
Persistent link: https://www.econbiz.de/10014042387
We develop a model of information exchange through communication and investigate its implications for information aggregation in large societies. An underlying state determines payoffs from different actions. Agents decide which others to form a costly communication link with incurring the...
Persistent link: https://www.econbiz.de/10013137601
We study the (perfect Bayesian) equilibrium of a model of learning over a general social network. Each individual receives a signal about the underlying state of the world, observes the past actions of a stochastically-generated neighborhood of individuals, and chooses one of two possible...
Persistent link: https://www.econbiz.de/10013117076
Persistent link: https://www.econbiz.de/10009242477
Persistent link: https://www.econbiz.de/10009153368
This paper argues that in the presence of intersectoral input-output linkages, microeconomic idiosyncratic shocks may lead to aggregate fluctuations. In particular, it shows that, as the economy becomes more disaggregated, the rate at which aggregate volatility decays is determined by the...
Persistent link: https://www.econbiz.de/10009489113
Persistent link: https://www.econbiz.de/10009383682
Persistent link: https://www.econbiz.de/10010260038
Persistent link: https://www.econbiz.de/10009720690
Persistent link: https://www.econbiz.de/10009727704