Search Complementarities, Aggregate Fluctuations, and Fiscal Policy
利用微观和宏观数据发现企业间搜索努力存在互补性，构建动态一般均衡模型解释产出分布的双峰特征和冲击的非线性传导，并重新解读大缓和与财政政策效应。
Abstract We document five novel facts about the role of search effort in forming trading relationships among firms by combining a variety of micro and macro datasets. These facts strongly suggest the presence of search complementarities. To study the implications of these facts for aggregate fluctuations, we build a dynamic general equilibrium model, disciplined by our new firm-level evidence on search effort. The model matches key aspects of the macro and micro data that have remained unaccounted for by standard models, including the time-varying bimodal distribution of output and the strong, nonlinear propagation of shocks. Also, changes to the volatility of shocks have nonlinear effects on macroeconomic fluctuations that advance a novel interpretation of the Great Moderation. Finally, we provide a new account of the state-dependent effects of fiscal policy.