📅 2023-05-30 — Session: Investigated Aggregate Volatility in Economic Systems
🕒 22:00–23:20
🏷️ Labels: Aggregate Volatility, Economic Dynamics, Empirical Analysis, Gabaix Critique, Research Integrity
📂 Project: Business
⭐ Priority: MEDIUM
Session Goal
This session aimed to explore the dynamics of aggregate volatility in economic systems, focusing on the relationship between micro and macro dynamics, and the influence of agent characteristics on volatility.
Key Activities
- Reviewed multiple research papers and reflections on aggregate volatility, examining factors such as agent size distribution, log-normal and power law distributions, and non-linear shocks.
- Analyzed the implications of these factors on economic theory and policy formulation.
- Discussed the use of computational tools and bootstrapping for empirical analysis, particularly in the context of French firms from 1997 to 2014.
- Critiqued existing models and proposed alternative frameworks for understanding economic dynamics.
- Examined Gabaix’s 2011 work on volatility aggregation, identifying flaws and suggesting a more rigorous methodological framework.
- Discussed the importance of critical examination and empirical validation in economic research.
Achievements
- Gained insights into the dynamics of micro fluctuations and their impact on aggregate volatility.
- Identified the need for more rigorous research methodologies and empirical validation in economic studies.
Pending Tasks
- Further empirical testing and validation of proposed frameworks.
- Continued critique and refinement of existing economic models.