TY  - JOUR
AU  - Cooper,Russell
AU  - Haltiwanger,John
TI  - Evidence on Macroeconomic Complementarities
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4577
PY  - 1993
Y2  - December 1993
UR  - http://www.nber.org/papers/w4577
L1  - http://www.nber.org/papers/w4577.pdf
N1  - Author contact info:
Russell Cooper
Department of Economics
European University Institute
via della Piazzola, 43
Firenze, 50133
ITALY
E-Mail: russellcoop@gmail.com

John C. Haltiwanger
Department of Economics
University of Maryland
College Park, MD 20742
Tel: 301/405-3504
Fax: 301/405-3542
E-Mail: haltiwan@econ.umd.edu
AB  - This paper provides empirical evidence on macroeconomic complementarities, a restriction on the nature of interaction between individuals in a multi-agent setting.  These models imply that activities across agents will be positively correlated, that discrete decisions will be synchronized and that disturbances will be magnified and propagated.  The paper shows that these implications are consistent with aggregate observations as well as some microeconomic evidence.  Further, looking at certain historical episodes, such as the NIRA, as well as seasonal fluctuations provides additional support for models with macroeconomic complementarities.
ER  -