Microeconomic Origins of Macroeconomic Tail Risks
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We document that even though the normal distribution provides a good approximation to GDP fluctuations, it severely underpredicts macroeconomic tail risks, that is, the frequency of large economic downturns. Using a multi-sector general equilibrium model, we show that the interplay of idiosyncratic
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美国国家经济研究局创建时间：
2015-01-01
