How non-stationary are moderately supercritical shocks?

How Important Are Sectoral Shocks?

I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate output. I develop and estimate a multi-industry general equilibrium model in which each industry employs the material and capital goods produced by other sectors. Using data on U.S. industries’ input prices and input choices, I find that the goods produced by different industries are complements to one an...

How Important Are Uncertainty Shocks in the Housing Market?

How Inflationary are Oil Price Shocks? A Regional Analysis

The impact of oil shocks is analyzed by estimating an augmented Phillips curve on a national, regional and city level in the United States. A significant pass-through to inflation (including all items) is recorded for all regions, while core inflation remains largely muted. The West region has experienced a much lower pass-through than other regions and a few reasons for this are; greater oil e...

Online Appendix to "How Important Are Sectoral Shocks?"

In this section, I will apply plant-level input price variation and materials usage to provide an alternate set of estimates of εQ. To do so, I pursue the following two-part strategy. For each industry, I estimate how easily individual plants substitute across their factors of production, by relating plants’ materials purchases to their materials prices. Then, I apply the methods developed in O...

Lx-STABILITY OF STATIONARY DISCRETE SHOCKS

The nonlinear stability in the //-norm, p > 1 , of stationary weak discrete shocks for the Lax-Friedrichs scheme approximating general m x m systems of nonlinear hyperbolic conservation laws is proved, provided that the summations of the initial perturbations equal zero. The result is proved by using both a weighted estimate and characteristic energy method based on the internal structures of t...