Heterogeneity and Aggregate Fluctuations
构建了一个状态空间模型，将宏观总量与截面密度结合，研究技术冲击、GDP、就业和收入分布的动态关系，发现总量与分布之间的溢出效应较小，技术冲击降低不平等，而收入不平等冲击对GDP影响不显著。
We develop a state-space model with a transition equation that takes the form of a functional vector autoregression (VAR) and stacks macroeconomic aggregates and a cross-sectional density. The measurement equation captures the error in estimating log densities from repeated cross-sectional samples. The log densities and their transition kernels are approximated by sieves, which leads to a finite-dimensional VAR for macroeconomic aggregates and sieve coefficients. With this model, we study the dynamics of technology shocks, GDP (gross domestic product), employment, and the earnings distribution. We find that spillovers between aggregate and distributional dynamics are generally small, that a positive technology shock tends to decrease inequality, and that a shock that raises earnings inequality leads to a small and insignificant GDP response.