AGGREGATE expenditure is the total amount spent of the economy’s output by all households, firms, foreigners as well as the government. The components of aggregate expenditure consist of household ...

Since late 2015, growth in real GDP has consistently exceeded that in real GDI, a prominent alternative measure of aggregate output, with an average difference of about 0.65 percentage point. Is real ...

Recent studies (e.g., Acemoglu et al. (2012)) argue that microeconomic shocks propagate through input-output linkages and result in aggregate fluctuations. This paper challenges this view by ...

The red line shows the aggregated direct economic shocks. The blue line and ribbon depict total output reductions after simulating the economic model for two months. The two vertical dashed lines show ...

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