Young Economist best paper award for Marco Luca Pinchetti

February 5 2019

Marco Luca Pinchetti has been awarded the Young Economist Best Paper Award at the 6th Workshop in Macro Banking and Finance.

His paper entitled “Creative Destruction Cycles: Schumpeterian Growth in an Estimated DSGE Model” can be found here

Abstract: In this paper I incorporate a Schumpeterian mechanism of creative destruction in a standard DSGE framework. In the model, a sector of forward-looking profit maximizing innovators determines the economy’s TFP growth rate. I estimate the model with Bayesian methods, and show that models featuring an endogenous TFP channel can empirically outperform models that exhibit standard, exogenous productivity dynamics. The paper provides a comprehensive comparative assessment of the impact of the endogenous TFP channel in an estimated fully-fledged DSGE model. The variance decomposition analysis shows that endogenous TFP is a powerful channel of transmission of adverse shocks throughout the business cycle. The estimates suggest that the 35% of the productivity growth rate fluctuations had endogenous origins during the Great Recession.

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