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Working Paper
The macroeconomics of U.S. consumer bankruptcy choice: Chapter 7 or Chapter 13?
Sarte, Pierre-Daniel G.; Li, Wenli (2003)
Because of the recent surge in U.S. personal defaults, Congress is currently debating bankruptcy reform legislation requiring a means test for Chapter 7 filers. This paper explores the effects of such a reform in a model where, in contrast to previous work, bankruptcy options and production are explicitly taken into account. The authors' findings indicate that means testing would not improve upon current bankruptcy provisions and, at best, leaves aggregate filings, output, and welfare unchanged. Put simply, given already existing provisions, the introduction of an efficient means test would ...
Working Papers , Paper 03-14

Journal Article
Barriers to foreign direct investment under political instability
Azzimonti-Renzo, Marina; Sarte, Pierre-Daniel G. (2007-07)
Economic Quarterly , Volume 93 , Issue Sum , Pages 287-315

Working Paper
Sectoral vs. aggregate shocks : a structural factor analysis of industrial production
Foerster, Andrew T.; Watson, Mark W.; Sarte, Pierre-Daniel G. (2008)
This paper uses factor analytic methods to decompose industrial production (IP) into components arising from aggregate shocks and idiosyncratic sector-specific shocks. An approximate factor model finds that nearly all (90%) of the variability of quarterly growth rates in IP are associated with common factors. Because common factors may reflect sectoral shocks that have propagated by way of input-output linkages, we then use a multisector growth model to adjust for the effects of these linkages. In particular, we show that neoclassical multisector models, of the type first introduced by Long ...
Working Paper , Paper 08-07

Working Paper
Diverging Trends in National and Local Concentration
Rossi-Hansberg, Esteban; Sarte, Pierre-Daniel G.; Trachter, Nicholas (2018-09-24)
Using U.S. NETS data, we present evidence that the positive trend observed in national product-market concentration between 1990 and 2014 becomes a negative trend when we focus on measures of local concentration. We document diverging trends for several geographic definitions of local markets. SIC 8 industries with diverging trends are pervasive across sectors. In these industries, top firms have contributed to the amplification of both trends. When a top firm opens a plant, local concentration declines and remains lower for at least seven years. Our findings, therefore, reconcile the ...
Working Paper , Paper 18-15

Journal Article
Sectoral disturbances and aggregate economic activity
Malysheva, Nadezhda; Sarte, Pierre-Daniel G. (2011-04)
In this article, we provide an overview of the key mechanisms by which sectoral disturbances affect aggregate economic activity. We describe how the distribution of sectoral shares influences each sector's contribution to the variation in aggregate output. We also illustrate different aspects of the effects of input-output linkages across sectors on the amplification and propagation of idiosyncratic sectoral shocks. In particular, we review and summarize key conditions, first articulated in Dupor (1999), under which movements in aggregate output are invariant to sectoral disturbances, even in ...
Economic Quarterly , Volume 97 , Issue 2Q , Pages 153-173

Working Paper
Inflation uncertainty and growth in a simple monetary model
Dotsey, Michael; Sarte, Pierre-Daniel G. (1997)
This paper analyzes the effects of inflation variability on economic growth in a model where money is introduced via a cash-in-advance constraint. In this setting, we find that inflation adversely affects long-run growth, even when the cash-in-advance constraint applies only to consumption. At the same time, we find that inflation and growth are positively related in the short-run. In addition, variability tends to increase average growth through a precautionary savings motive. Since inflation and inflation variability tend to be highly correlated, this latter effect attenuates the negative ...
Working Paper , Paper 97-05

Working Paper
Learning About Consumer Uncertainty from Qualitative Surveys: As Uncertain As Ever
Sharp, Robert; Sarte, Pierre-Daniel G.; Pinto, Santiago (2015-09-03)
We study diffusion indices constructed from qualitative surveys to provide real-time assessments of various aspects of economic activity. In particular, we highlight the role of diffusion indices as estimates of change in a quasi extensive margin, and characterize their distribution, focusing on the uncertainty implied by both sampling and the polarization of participants' responses. Because qualitative tendency surveys generally cover multiple questions around a topic, a key aspect of this uncertainty concerns the coincidence of responses, or the degree to which polarization comoves, across ...
Working Paper , Paper 15-9

Journal Article
Efficient public investment in a model with transition dynamics
Sarte, Pierre-Daniel G.; Soares, Jorge (2003-01)
Economic Quarterly , Volume 89 , Issue Win , Pages 33-50

Journal Article
On the identification of structural vector autoregressions
Sarte, Pierre-Daniel G. (1997-07)
Economic Quarterly , Issue Sum , Pages 45-68

Journal Article
Accommodating rising population in rural areas : the case of Loudoun County, Virginia
Sarte, Pierre-Daniel G.; Owens, Raymond E. (2004-01)
Economic Quarterly , Volume 90 , Issue Win , Pages 33-50

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