Aggregation in the Presence of Demand and Supply Shocks
نویسنده
چکیده
This paper points out that real GDP statisics respond differently to sector-specific demand and supply shocks for the exactly same changes in physical quantities. The paper illustrates how this property arises from the theoretical quantity aggregates that real GDP is designed to approximate. The paper also presents an application to US data suggesting that these factors have contributed significantly to the behavior of US aggregate investment growth in the post-WWII period.
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تاریخ انتشار 2004