{"id":39377,"date":"2020-09-22T10:09:00","date_gmt":"2020-09-22T14:09:00","guid":{"rendered":"https:\/\/carleton.ca\/economics\/?p=39377"},"modified":"2025-06-11T09:08:57","modified_gmt":"2025-06-11T13:08:57","slug":"chair-hashmat-khans-paper-accepted-into-the-journal-of-economic-dynamics-and-control","status":"publish","type":"post","link":"https:\/\/carleton.ca\/economics\/2020\/chair-hashmat-khans-paper-accepted-into-the-journal-of-economic-dynamics-and-control\/","title":{"rendered":"Chair Hashmat Khan&#8217;s paper accepted in the Journal of Economic Dynamics and Control!"},"content":{"rendered":"\n<section class=\"w-screen px-6 cu-section cu-section--white ml-offset-center md:px-8 lg:px-14\">\n    <div class=\"space-y-6 cu-max-w-child-5xl  md:space-y-10 cu-prose-first-last\">\n\n            <div class=\"cu-textmedia flex flex-col lg:flex-row mx-auto gap-6 md:gap-10 my-6 md:my-12 first:mt-0 max-w-5xl\">\n        <div class=\"justify-start cu-textmedia-content cu-prose-first-last\" style=\"flex: 0 0 100%;\">\n            <header class=\"font-light prose-xl cu-pageheader md:prose-2xl cu-component-updated cu-prose-first-last\">\n                                    <h1 class=\"cu-prose-first-last font-semibold !mt-2 mb-4 md:mb-6 relative after:absolute after:h-px after:bottom-0 after:bg-cu-red after:left-px text-3xl md:text-4xl lg:text-5xl lg:leading-[3.5rem] pb-5 after:w-10 text-cu-black-700 not-prose\">\n                        Chair Hashmat Khan&#8217;s paper accepted in the Journal of Economic Dynamics and Control!\n                    <\/h1>\n                \n                                \n                            <\/header>\n\n                    <\/div>\n\n            <\/div>\n\n    <\/div>\n<\/section>\n\n<p>Congratulations to <a href=\"https:\/\/carleton.ca\/economics\/people\/khan-hashmat-u\/\">Chair Hashmat Khan<\/a>!&nbsp;His paper titled \u201cThe extensive margin and US aggregate fluctuations: A quantitative assessment,\u201d (with Miguel Casares and Jean-Christophe Poutineau) has been accepted for publication in the <i>Journal of Economic Dynamics and Control<\/i>.<\/p>\n\n\n\n<p><strong>Abstract<\/strong><\/p>\n\n\n\n<p class=\"x_MsoNormal\">We report empirical evidence indicating that US net business formation has&nbsp;recently turned more volatile, procyclical and persistent. To study these&nbsp;stylized facts, we estimate a DSGE model with endogenous entry and exit.&nbsp;Business units feature heterogeneous productivity and they shut down if the&nbsp;present value of expected future dividends falls below the current&nbsp;liquidation value. The model provides a better fit than a constant exit rate&nbsp;model with the fluctuations of US business formation. The introduction of the&nbsp;extensive margin amplifies the effects of technology and risk-premium&nbsp;shocks, and reduces the procyclicality of firm-level production. The main&nbsp;sources of variability of the US aggregate fluctuations during the Great&nbsp;Recession are countercyclical technology shocks, persistent adverse&nbsp;risk-premium shocks, and expansionary monetary policy shocks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congratulations to Chair Hashmat Khan!&nbsp;His paper titled \u201cThe extensive margin and US aggregate fluctuations: A quantitative assessment,\u201d (with Miguel Casares and Jean-Christophe Poutineau) has been accepted for publication in the Journal of Economic Dynamics and Control. Abstract We report empirical evidence indicating that US net business formation has&nbsp;recently turned more volatile, procyclical and persistent. To [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":36912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-39377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":{"cu_post_thumbnail":""},"_links":{"self":[{"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/posts\/39377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/comments?post=39377"}],"version-history":[{"count":3,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/posts\/39377\/revisions"}],"predecessor-version":[{"id":39394,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/posts\/39377\/revisions\/39394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/media\/36912"}],"wp:attachment":[{"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/media?parent=39377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/categories?post=39377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carleton.ca\/economics\/wp-json\/wp\/v2\/tags?post=39377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}