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METHOD:PUBLISH
BEGIN:VEVENT
DTSTAMP:20260216T135843Z
DTSTART:20260218T170000Z
DTEND:20260218T180000Z
SUMMARY:MET Seminar - Roberto Corrao (Stanford)
UID:{http://www.columbasystems.com/customers/uom/gpp/eventid/}x1ob-mlp8og
 fw-8tor3f
DESCRIPTION:Title: Resilience vs. Fragility: Global Properties of Economi
 es with Endogenous Production Networks\n \nAuthors:  Simone Cerreia-Viog
 lio\, Roberto Corrao\, Joel Flynn\, and Giacomo Lanzani \n \nAbstract: W
 e provide a global analysis of the canonical single-factor production ne
 twork model with arbitrary constant returns to scale production technolo
 gies. We show that Leontief production functions with endogenous weights
  are sufficient to replicate outcomes in any such economy. Our main resu
 lt leverages this to provide a primitive formula for the unique equilibr
 ium prices in all such economies: the equilibrium log-price vector is a 
 "min-max" over pairs of input-output networks of a primitive affine func
 tion of log-productivity shocks. We call the economy resilient (fragile)
  if increases in microeconomic productivity risk at the sector level inc
 rease (decrease) equilibrium GDP. We show that the "min" and "max" corre
 spond economically to the competing forces of resilience and fragility: 
 if all sectors are resilient (fragile)\, then only the min (max) remains
 . Finally\, we use these results to generalize Hulten's theorem to econo
 mies with endogenous production networks and apply this result to provid
 e robust upper and lower bounds on the variance of GDP that can result f
 rom microeconomic productivity shocks. \n\nContact: sophie.kreutzkamp@ma
 nchester.ac.uk
STATUS:TENTATIVE
TRANSP:TRANSPARENT
CLASS:PUBLIC
LOCATION:Williamson_4.08 Seminar Room \, Williamson Building\, Manchester
 
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