BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//CREST - ECPv5.1.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:CREST
X-ORIGINAL-URL:https://crest.science
X-WR-CALDESC:Events for CREST
BEGIN:VTIMEZONE
TZID:Europe/Helsinki
BEGIN:DAYLIGHT
TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20240331T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0300
TZOFFSETTO:+0200
TZNAME:EET
DTSTART:20241027T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Helsinki:20240318T121500
DTEND;TZID=Europe/Helsinki:20240318T133000
DTSTAMP:20260814T052322
CREATED:20240131T074748Z
LAST-MODIFIED:20240305T155618Z
UID:16564-1710764100-1710768600@crest.science
SUMMARY:Christos MAKRIDIS (Arizona State University) "Learning from Friends in a Pandemic: Social Networks and the Macroeconomic Response of Consumption"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 18 Mars 2024 \nSalle 3001 \nChristos MAKRIDIS (Arizona State University) “Learning from Friends in a Pandemic: Social Networks and the Macroeconomic Response of Consumption” \nAbstract: Households often learn about the macroeconomy through social communications. We show how communication via social networks allows idiosyncratic shocks to propagate into meaningful macroeconomic responses. We first motivate such a mechanism by showing the responses of daily consumption spending of U.S. counties to plausibly exogenous variations in their social-network exposure to the COVID-19 conditions of geographically remote regions. Various identification strategies confirm that the detected consumption responses were primarily through the channel of expectations\, rather than preference interdependence or physical infection risks. Then\, we incorporate a belief formation mechanism through social networks into an otherwise standard heterogeneous-agent consumption model. We show that a pandemic-augmented version of this model\, where infections initially hit a fraction of more connected regions and gradually propagated via social networks\, produces macroeconomic dynamics more aligned with the empirical patterns of aggregate consumption and cross-sectional variations. We also show that such a mechanism is more relevant when the initial shocks hit the more connected agents and when the influences are more dispersed in the network. \nOrganizer : Julien PRAT (CREST)  \n
URL:https://crest.science/event/christos-makridis-arizona-state-university-t-b-a/
CATEGORIES:Macroeconomics,Seminars
ATTACH;FMTTYPE=:
END:VEVENT
END:VCALENDAR