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PRODID:-//Columba Systems Ltd//NONSGML CPNG/SpringViewer/ICal Output/3.3-
 M3//EN
VERSION:2.0
CALSCALE:GREGORIAN
METHOD:PUBLISH
BEGIN:VEVENT
DTSTAMP:20260924T143601Z
DTSTART:20260929T150000Z
DTEND:20260929T160000Z
SUMMARY:Macro Seminar - Stephen Terry (University of Michigan)
UID:{http://www.columbasystems.com/customers/uom/gpp/eventid/}e63-mufmwxl
 2-tu0dtq
DESCRIPTION:Abstract: Idiosyncratic shocks shape firm decisions and the v
 alue functions they maximize. Using a comprehensive firm-level dataset\,
  we document significant departures from the widely assumed Gaussian AR(
 1) stochastic process\, including fat-tailed\, leptokurtic revenue trans
 itions and lower persistence in the tails. This discrepancy has two key 
 implications. First\, these dynamics flatten the revenue-to-value mappin
 g and create a more clustered firm value distribution. Second\, solving 
 a canonical general equilibrium heterogeneous firm dynamics model nonpar
 ametrically to align with these observed empirical patterns reveals a fi
 rst-order quantitative impact on the economy’s responsiveness to aggrega
 te shifts. Accurately modeling firm-level shocks is imperative for macro
 economics. 
STATUS:TENTATIVE
TRANSP:TRANSPARENT
CLASS:PUBLIC
LOCATION:Hum Bridge St_G7\, Humanities Bridgeford Street\, Manchester
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