8 Oct 2017 Let's take a look at an example of a mathematical theorem to see whether Platonism the midnight-oil in her lonely attic, finds some very complex geometrical theorem (say, Marco van Hulten on October 8, 2017 at 4

Although Hulten's theorem is most prominent for its use in growth accounting, where it is employed to measure movements in the economy's production possibility frontier, it is also thebenchmark result in the resurgent literature on the macroeconomic impact of microeconomic shocks in mutisector models and models with production networks. 2

Besök denna webbsida. hu ltens.se. Skriv ett omdöme. hu ltens.se. Ber om omdömen. Gå till Företagstransparens. In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms.

Shocks: Beyond Hulten's Theorem. David Rezza Baqaee. LSE. Emmanuel Farhi. Harvard. SHOCKS: BEYOND HULTEN'S THEOREM”.

What is Hulten’s Theorem? In an efﬁcient economy, the macro impact of a shock to industry i depends on i ’s sales as a share of aggregate output, up to a ﬁrst-order

Need new theories for inefﬁcient and nonlinear aggregation. 2019-03-15 · Therefore, even if Hulten’s Theorem does hold, the topology of the network describing relationships between suppliers and customers does play an important role. Some recent studies provide explicit counterexamples to the Hulten theorem. First, it was shown that the theorem does not hold when frictions (e.g.

What is Hulten’s Theorem? In an efﬁcient economy, the macro impact of a shock to industry i depends on i ’s sales as a share of aggregate output, up to a ﬁrst-order

Key features ignored by first-order approximations that play a crucial role are: structural elasticities of substitution, network linkages, structural returns to scale, and the extent of factor reallocation. 4,5. I kategorin Möbelaffär. hu ltens.se. Besök denna webbsida.

Economist Charles Hulten developed this theory more formally in a model of a closed economy. Hulten (1978) used "observed expenditure shares" as weights, and in that model "the first-order impact on output of a TFP shock to a firm or an industry is equal to that industry or firm’s sales as a share of output." Hulten's framing became standard. to be able to write aggregates as a weighted average of individual quantities. Hulten’s theorem gives a formal justiﬁcation for this average as a ﬁrst-order approximation and showsthattheappropriateweightsareobservedexpenditureshares. ThisiscalledDomar (1961) aggregation, and not only is it of theoretical interest, but it also underlies much of Although Hulten’s theorem is most prominent for its use in growth accounting, where it is employed to measure movements in the economy’s production possibility frontier, it is also the benchmark result in the resurgent literature on the macroeconomic impact of microeconomic shocks in mutisector models and models with production networks.2 In this sense, we extend the foundational theorem of Hulten (1978) beyond the first order to capture nonlinearities.
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Oil is used as an inelastic (think Leontief) input in all industries. Baqaee and Farhi (2017): And elasticity of substitution has increased over time Issue: oil expenditure share in 1970s should have been >30% 3/7 Charles R. Hulten; Growth Accounting with Intermediate Inputs, The Review of Economic Studies, Volume 45, Issue 3, 1 October 1978, Pages 511–518, https://doi.or Hulten’s theorem is a cornerstone of productivity and growth accounting: it shows how to construct aggregate TFP growth from microeconomic TFP growth, and provides structurally-interpretable decompositions of changes of national or sectoral aggregates into the changes of their disaggregated component industries or ﬁrms. It also provides the In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms to capture nonlinearities.

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In this sense, we extend the foundational theorem of Hulten (1978) beyond the first order to capture nonlinearities. Key features ignored by first-order approximations that play a crucial role are: structural microeconomic elasticities of substitution, network linkages, structural microeconomic returns to scale, and the extent of factor reallocation.

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What is Hulten’s Theorem? Though mathematically true, the result sounds somewhat unintuitive: Shutting down electricity or the transportation system can have impacts above and beyond each industry’s sales as a share of GDP. Turns out the theorem’s quantiﬁers actually matter! In an efﬁcient economy, the macro impact of shocks to i depends on

Key features ignored by first-order approximations that play a crucial role are: structural microeconomic elasticities of substitution, network linkages, structural microeconomic returns to scale, and the extent of factor reallocation. The foundational theorem of Hulten (1978) states that for e cient economies and under minimal assumptions, the ﬁrst-order impact on output of a TFP shock to a ﬁrm or an industry is equal to that industry or ﬁrm’s sales as a share of output. In this sense, we extend the foundational theorem of Hulten (1978) beyond the first order to capture nonlinearities. Key features ignored by first‐order approximations that play a crucial role are: structural microeconomic elasticities of substitution, network linkages, structural microeconomic returns to scale, and the extent of factor reallocation. Hulten’s theorem fails, and the model’s propagation and di usion properties change. Grassi (2017) shows that the interaction of TFP shocks with the pricing power of ﬁrms can a ect the volatility of GDP. Stepping aside from the diversiﬁcation argument, Hulten’s theorem has, more gener- 2020-05-18 2019-03-15 Hultens Theorem.