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Micro Shocks and Aggregate Risk
Abstract
The paper presents a "micro " shock explanation of aggregate risk. Shocks are independent over agents, and equilibria are always unique. It is shown that any amount of aggregate risk can be generated by games in which shocks to players are independent. Explicit examples are given, some of which elaborate on examples in the literature. Implications are drawn for factor-analytic methods of extracting aggregate shocks. I.
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Cited by
Supply Chain Disruptions: Evidence from the Great East Japan Earthquake*
Carvalho, V. M., Nirei, M., Saito, Y. U., & Tahbaz-Salehi, A. (2021) · The Quarterly Journal of Economics · doi:10.1093/qje/qjaa044 · Cited by 939
Networks and the Macroeconomy: An Empirical Exploration
Acemoglu, D., Akcigit, U., & Kerr, W. (2016) · NBER Macroeconomics Annual · doi:10.1086/685961 · Cited by 452
Firms, Destinations, and Aggregate Fluctuations
(2014) · Econometrica · doi:10.3982/ecta11041 · Cited by 369
Bak, P., Chen, K., Scheinkman, J., & Woodford, M. (1993) · Ricerche Economiche · doi:10.1016/0035-5054(93)90023-v · Cited by 328
Bayesian learning in an infant industry model
Hoff, K. (1997) · Journal of International Economics · doi:10.1016/s0022-1996(97)00007-x · Cited by 41
Metadata
- Authors
- Jovanovic, B.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1987-05
- Volume
- 102
- Issue
- 2
- Pages
- 395
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2124872409
- Cited by
- 175
- References
- 0
- FWCI
- 1.39
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Micro Shocks and Aggregate Risk. https://app.cochat.ai/papers/10.2307/1885069
- The paper
- Jovanovic, B. (1987). Micro Shocks and Aggregate Risk. The Quarterly Journal of Economics. https://doi.org/10.2307/1885069
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
