Sectoral spillovers in the macroeconomy KU Leuven
Macroeconomists are typically concerned with changes in aggregate economic activity. Traditionally, the drivers of these aggregate fluctuations are considered to also be of aggregate nature, such as productivity, aggregate demand or monetary policy shocks. Most of the literature on economic fluctuations outright disregards the possibility of microeconomic shocks to specific sectors or firms to generate relevant aggregate fluctuations. A ...