Na próxima quarta-feira, dia 19 de março, entre as 13h00 e as 14h00, o Anfiteatro 3 do ISEG (Edifício Quelhas, 4º Piso) volta a acolher uma das sessões do 2º Semestre dos ISEG Research Seminars.
O seminário terá como speaker o Professor Francisco Queirós, que apresentará o paper “Production networks, time to build and endogenous oscillations”, do qual é co-autor, e cujo abstract pode ser consultado mais abaixo.
Os seminários de Research do 2º Semestre decorrerão semanalmente até 4 de junho e contarão com a participação de docentes do ISEG e de outras escolas nacionais e internacionais. Saiba mais AQUI.
Entrada livre.
Abstract
We study how sector-specific shocks propagate in a production economy with input-output linkages and heterogeneous time to build. We show that, depending on the sector and network characteristics, one-time idiosyncratic shocks can induce a non-monotonic response of aggregate output as it converges back to steady state – a phenomenon we term ’endogenous oscillations’ – and get amplified over time. We study the conditions on the network structure that generate this behavior. We introduce a measure to quantify the magnitude of such endogenous oscillations generated by a single small productivity shock. We quantify the model on US input-output data, showing that for some sectors a single shock can generate aggregate fluctuations. In particular, the magnitude of oscillations is twice as large as it would be if convergence to the steady state were always monotonic.