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Nick Bloom Adjustment Costs, Aggregation, Uncertainty and Volatility. Session 1: Adjustment Costs and Uncertainty, Thursday 26 th Student presents (volunteer): (30 minutes) “Investment and Employment Dynamics in the Short-Run and the Long-Run”, Avinash Dixit, OEP (1997)
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Nick BloomAdjustment Costs, Aggregation, Uncertainty and Volatility
Session 1: Adjustment Costs and Uncertainty, Thursday 26th Student presents (volunteer): (30 minutes) “Investment and Employment Dynamics in the Short-Run and the Long-Run”, Avinash Dixit, OEP (1997) Students discusses (random pick): (10 minutes) Nick summarizes (60 minutes): (1) “The Effect of Uncertainty on Investment: Some Stylized Facts”, John Leahy and Toni Whited, JMCB (1996), “Investment and Demand Uncertainty”, (2) Luigi Guiso and Giuseppe Parigi, QJE (1999) (3) “Uncertainty and Investment Dynamics”, Nick Bloom, Steve Bond and John Van Reenen, RESTUD (2007). Further reading: Abel and Eberly, RESTUD (1996), and Dixit and Pindyck, book (1996), Caballero (Aggregate Investment, mimeo)
Session 2: Aggregation in Partial Equilibrium, May 1st • Student presents (volunteer): (30 minutes) • “Irreversibility and Aggregate Investment”, Guiseppe Bertola and Ricardo Caballero, RESTUD (1994) • Students discusses (random pick): (10 minutes) • Nick summarizes (50 minutes): • “Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach”, Ricardo Caballero and Eduardo Engel, Econometrica (1999) • “Aggregate Employment Dynamics: Building from Microeconomic Evidence”, Ricardo Caballero, Eduardo Engel and John Haltiwanger, AER (1997)
Session 3: Aggregation in General Equilibrium, May 3rd • Student presents (volunteer): (30 minutes) • “Nonconvex factor adjustments in Equlibrium Business Cycle Models: Do Nonlinearities Matter?”, Aubhik Kahn and Julia Thomas, JME (2002) • Students discusses (random pick): (10 minutes) • Nick summarizes (50 minutes): • “Lumpy Investment in Dynamic General Equilibrium”, Ruediger Bachmann, Ricardo J. Caballero and Eduardo M.R.A. Engel, WP • ““Uncertainty, Irreversible Investment and General Equilibrium”, Jae Sim, WP
Session 4: The Great Moderation, Tuesday 8th May Student presents (volunteer): (30 minutes)TBC Students discusses (random pick): (10 minutes) Nick summarizes (60 minutes): TBC