Demand Shocks as Technology Shocks
提出一种宏观经济理论，认为商品需求具有生产性作用，需求冲击对GDP和全要素生产率的影响与真实技术冲击类似，并利用购物时间数据识别需求冲击。
Abstract We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which, in turn, increases GDP and measured total factor productivity (TFP). We embed the product-market friction in a standard neoclassical model and estimate it using Bayesian techniques. Business cycles are driven by preference shocks, true technology shocks, and investment-specific shocks. Preference shocks have qualitatively similar effects as true productivity shocks. These shocks account for a large share of the fluctuations in consumption, GDP, and measured TFP and can be identified using shopping time data.