We document that even though the normal distribution is a good approximation to the nature of aggregate fluctuations, it severely underpredicts the frequency of large economic downturns. We then provide a model that can explain these facts simultaneously. Our model shows that the propagation of microeconomic shocks through input-output linkages can fundamentally reshape the distribution of aggr...

1 The paper is a part of the Global Research Project by the Global Development Network. We have benefited from comments by Gary McMahon and Lyn Squire. The views expressed belong to the authors and are not necessarily shared by the Word Bank and other GDN sponsors.

We review recent evidence on price rigidity from themacroeconomics literature and discuss how this evidence is used to inform macroeconomic modeling. Sluggish price adjustment is a leading explanation for the large effects of demand shocks on output and, in particular, the effects of monetary policy on output. A recent influx of data on individual prices has greatly deepenedmacroeconomists’ und...

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We have come a long way and finally are about to study calculus. Many of you might have taken some courses in the past where you learned a number of formulas to calculate the derivatives and integrals of certain functions. The purpose of this course, however, is not to memorize these formulas mindlessly. Rather, our goals are to understand the mathematical concepts underlying such formulas and ...