| 主讲人简介： | Stephen Terry is a tenured Associate Professor at the University of Michigan. His research primarily focuses on firm investment, with a particular emphasis on the role of micro-level frictions and mechanisms in shaping long-term growth and business cycles. He received his PhD from Stanford University in 2015. Professor Terry currently serves as a co-editor for The Review of Economics and Statistics and holds research positions with the National Bureau of Economic Research (NBER) and the Survey Research Center at the University of Michigan. His work has been published in leading international economic journals, including Econometrica, Review of Economic Studies, The Economic Journal, Management Scienece, and Review of Financial Economics. |
| 讲座简介： | Heterogeneous firm models are ubiquitous in modern macroeconomics. We revisit a central feature of these models: the idiosyncratic shock process faced by firms. Using a large representative firm-level dataset, we document non-parametrically that the common assumption, a Gaussian AR(1) shock process, is at odds in substantial ways with observed fat-tailed firm dynamics. We embed these findings within a standard quantitative general equilibrium heterogeneous firm dynamics model and show that the nature of firm-level shocks has a sizable quantitative effect on the economy’s responsiveness to aggregate shifts. |
