It also provides the In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms to capture nonlinearities. Key features ignored by first-order approximations that play a crucial role are: structural elasticities of substitution, network linkages, structural returns … 2019-07-01 Hulten’s Theorem Define C(A1;:::;AN) to be competitive equilibrium aggregate consumption function interpreted as output. Theorem 1.1 (Hulten) Let l i denote industry i’s sales as a share of output, then dlogC dlogAi = l i: 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 of GDP. Hulten’s theorem (Appendix B) motivates the use of sales rather than value added. innovations by Walmart, the difficulties of a Japanese bank, new exports by Boeing, and a strike at General Motors.3 Since modern economies are dominated by large firms, idiosyncratic shocks to these firms can lead to nontrivial aggregate shocks. 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 Intresseanmälan.
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Theorem 1.1 (Hulten) Let l i denote industry i’s sales as a share of output, then dlogC dlogAi = l i: The foundational theorem of Hulten (1978) states that for ecient 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. 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 of GDP. Hulten’s theorem (Appendix B) motivates the use of sales rather than value added.
firms entry/exit) are present . Limits of Hulten’s Theorem and Need for New Theories Fails in inefficient economies. Fails at higher-orders of approx.
Hulten’s Theorem (1978) Take an efficient economy with N goods produced by N sectors subject to Hicks-neutral shocks A i. Hulten’s Theorem: ∂ logC ∂ logAi = p iy PC i.e at the first order: logC ≈ N ∑ i=1 p iy i PC logA i ⇒ The effect of shocks on C is summarized by the sales share only!
Engines of sectoral labor productivity growth. Working paper. Baumol, W.J. (1967) Macroeconomics of unbalanced growth: the anatomy of urban crisis. American Economic Review 57(3): 415-426. Hultens Theorem.
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The foundational theorem of Hulten (1978) states that for ecient 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. Hulten's theorem gives a formal justi cation for this average as a rst-order approximation and shows that the appropriate weights are observed expenditure shares. This is called Domar (1961) aggregation, and not only is it of theoretical interest, but it also underlies much of national accounting.
Working Paper from Harvard University OpenScholar.
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Stor läcka i Håksberg gjorde att flera hushåll blev utan Hulten’s theorem provides an inaccurate approximation: unit elasticity (Cobb-Douglas) is a bad assumption for oil?
Limits of Hulten’s Theorem and Need for New Theories Fails in inefficient economies. Fails at higher-orders of approx. relevant for nonlinearities. Disaggregated details and initial aggregation level matter. Need new theories for inefficient and nonlinear aggregation. In this sense, we extend the foundational theorem of Hulten (1978) beyond first-order terms.
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.