{"id":"https://openalex.org/W7224627955","doi":"https://doi.org/10.1007/s42973-026-00278-0","title":"Interaction-driven macroeconomic fluctuations","display_name":"Interaction-driven macroeconomic fluctuations","publication_year":2026,"publication_date":"2026-10-29","ids":{"openalex":"https://openalex.org/W7224627955","doi":"https://doi.org/10.1007/s42973-026-00278-0"},"language":"en","primary_location":{"id":"doi:10.1007/s42973-026-00278-0","doi":"https://doi.org/10.1007/s42973-026-00278-0","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s42973-026-00278-0","pdf_url":"https://link.springer.com/content/pdf/10.1007/s42973-026-00278-0.pdf","source":{"id":"https://openalex.org/S41930762","display_name":"Japanese Economic Review","issn_l":"1352-4739","issn":["1352-4739","1468-5876"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Japanese Economic Review","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://link.springer.com/content/pdf/10.1007/s42973-026-00278-0.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5030652976","display_name":"Makoto Nirei","orcid":"https://orcid.org/0009-0009-3125-7873","observed_orcids":["https://orcid.org/0009-0009-3125-7873"]},"institutions":[{"id":"https://openalex.org/I74801974","display_name":"The University of Tokyo","ror":"https://ror.org/057zh3y96","country_code":"JP","type":"education","lineage":["https://openalex.org/I74801974"]}],"countries":["JP"],"is_corresponding":true,"raw_author_name":"Makoto Nirei","raw_affiliation_strings":["Department of Economics, University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, 113-0033, Tokyo, Japan"],"raw_orcid":"https://orcid.org/0009-0009-3125-7873","affiliations":[{"raw_affiliation_string":"Department of Economics, University of Tokyo, 7-3-1 Hongo, Bunkyo-ku, 113-0033, Tokyo, Japan","institution_ids":["https://openalex.org/I74801974"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5030652976"],"corresponding_institution_ids":["https://openalex.org/I74801974"],"apc_list":{"value":3290,"currency":"USD","value_usd":3290},"apc_paid":{"value":3290,"currency":"USD","value_usd":3290},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.88719044,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.32710000872612,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.32710000872612,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.24220000207424164,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.23070000112056732,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/business-cycles","display_name":"business cycles","score":0.9679999947547913},{"id":"https://openalex.org/keywords/nonlinear-dynamics","display_name":"nonlinear dynamics","score":0.4729999899864197}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8367999792098999},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.6812000274658203},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.6172000169754028},{"id":"https://openalex.org/C180916674","wikidata":"https://www.wikidata.org/wiki/Q3711935","display_name":"Diversification (marketing strategy)","level":2,"score":0.5444999933242798},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5133000016212463},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.5080000162124634},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4569999873638153},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.39500001072883606},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.3594000041484833},{"id":"https://openalex.org/C151201525","wikidata":"https://www.wikidata.org/wiki/Q177239","display_name":"Limit (mathematics)","level":2,"score":0.3555999994277954},{"id":"https://openalex.org/C110121322","wikidata":"https://www.wikidata.org/wiki/Q865811","display_name":"Distribution (mathematics)","level":2,"score":0.34689998626708984},{"id":"https://openalex.org/C99221444","wikidata":"https://www.wikidata.org/wiki/Q1532069","display_name":"Private information retrieval","level":2,"score":0.33500000834465027},{"id":"https://openalex.org/C89967458","wikidata":"https://www.wikidata.org/wiki/Q4692248","display_name":"Aggregate behavior","level":4,"score":0.3343000113964081},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.3183000087738037},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.31119999289512634},{"id":"https://openalex.org/C2777582232","wikidata":"https://www.wikidata.org/wiki/Q5013414","display_name":"CONTEST","level":2,"score":0.2842000126838684},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.27250000834465027},{"id":"https://openalex.org/C203379541","wikidata":"https://www.wikidata.org/wiki/Q1801078","display_name":"Aggregate demand","level":3,"score":0.2630000114440918}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1007/s42973-026-00278-0","doi":"https://doi.org/10.1007/s42973-026-00278-0","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s42973-026-00278-0","pdf_url":"https://link.springer.com/content/pdf/10.1007/s42973-026-00278-0.pdf","source":{"id":"https://openalex.org/S41930762","display_name":"Japanese Economic Review","issn_l":"1352-4739","issn":["1352-4739","1468-5876"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Japanese Economic Review","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1007/s42973-026-00278-0","doi":"https://doi.org/10.1007/s42973-026-00278-0","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s42973-026-00278-0","pdf_url":"https://link.springer.com/content/pdf/10.1007/s42973-026-00278-0.pdf","source":{"id":"https://openalex.org/S41930762","display_name":"Japanese Economic Review","issn_l":"1352-4739","issn":["1352-4739","1468-5876"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Japanese Economic Review","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320322832","display_name":"University of Tokyo","ror":"https://ror.org/057zh3y96"},{"id":"https://openalex.org/F4320334764","display_name":"Japan Society for the Promotion of Science","ror":"https://ror.org/00hhkn466"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7224627955.pdf","grobid_xml":"https://content.openalex.org/works/W7224627955.grobid-xml"},"referenced_works_count":41,"referenced_works":["https://openalex.org/W224565619","https://openalex.org/W1537415400","https://openalex.org/W1848070861","https://openalex.org/W1967723308","https://openalex.org/W1970664820","https://openalex.org/W1978481286","https://openalex.org/W2008879046","https://openalex.org/W2015907232","https://openalex.org/W2041923974","https://openalex.org/W2084284700","https://openalex.org/W2087851280","https://openalex.org/W2091087160","https://openalex.org/W2107274838","https://openalex.org/W2132275236","https://openalex.org/W2133910030","https://openalex.org/W2140950724","https://openalex.org/W2142503637","https://openalex.org/W2145212723","https://openalex.org/W2159491186","https://openalex.org/W2164169400","https://openalex.org/W2261150581","https://openalex.org/W2343689429","https://openalex.org/W2749859120","https://openalex.org/W2890836317","https://openalex.org/W2893881143","https://openalex.org/W2947171186","https://openalex.org/W2949346072","https://openalex.org/W2973078842","https://openalex.org/W3121426073","https://openalex.org/W3122007580","https://openalex.org/W3122895822","https://openalex.org/W3123299105","https://openalex.org/W3124081888","https://openalex.org/W3124089980","https://openalex.org/W3124656445","https://openalex.org/W3125239257","https://openalex.org/W3200100752","https://openalex.org/W4233912330","https://openalex.org/W4243240364","https://openalex.org/W4385856717","https://openalex.org/W4407938657"],"related_works":["https://openalex.org/W2275355125","https://openalex.org/W3100952612","https://openalex.org/W763098105","https://openalex.org/W2246493419","https://openalex.org/W7053482246","https://openalex.org/W7128598568","https://openalex.org/W3193470759","https://openalex.org/W1583234164","https://openalex.org/W7066119548","https://openalex.org/W7066678249"],"abstract_inverted_index":{"Only":[0],"a":[1,141],"portion":[2],"of":[3,135,145],"aggregate":[4,11,27,71,137],"fluctuations":[5,130],"can":[6],"be":[7],"attributed":[8],"to":[9,37],"identifiable":[10],"shocks.":[12],"In":[13],"this":[14],"paper,":[15],"I":[16,29,119],"explore":[17],"the":[18,43,88,96,133],"hypothesis":[19],"that":[20],"interactions":[21],"among":[22],"idiosyncratic":[23,34],"shocks":[24,35,138],"generate":[25],"sizable":[26],"fluctuations.":[28],"begin":[30],"by":[31,113],"reviewing":[32],"how":[33],"tend":[36],"cancel":[38],"one":[39,115],"another":[40],"out":[41],"under":[42,103],"central":[44],"limit":[45],"theorem.":[46],"This":[47],"diversification":[48],"effect":[49],"weakens":[50],"in":[51,66,87,95,109,124,132],"certain":[52],"environments,":[53],"particularly":[54],"when":[55,73,83],"micro-level":[56],"actions":[57],"are":[58,77,93],"discrete":[59],"and":[60,79,99],"perfectly":[61],"complementary.":[62],"Such":[63],"environments":[64],"arise":[65,131],"three":[67,121],"macroeconomic":[68],"settings:":[69],"(1)":[70],"investment":[72],"firms\u2019":[74],"production":[75],"technologies":[76],"duplicable":[78],"indivisible;":[80],"(2)":[81],"inflation":[82],"money":[84],"is":[85],"neutral":[86],"long":[89],"run":[90],"but":[91],"prices":[92,102],"sticky":[94],"short":[97],"run;":[98],"(3)":[100],"asset":[101],"asymmetric":[104],"information,":[105],"where":[106],"traders":[107],"engage":[108],"Keynes\u2019s":[110],"beauty":[111],"contest":[112],"inferring":[114],"another\u2019s":[116],"private":[117],"information.":[118],"present":[120],"models":[122],"developed":[123],"my":[125],"previous":[126],"research.":[127],"The":[128],"resulting":[129],"absence":[134],"exogenous":[136],"yet":[139],"exhibit":[140],"characteristic":[142],"fat-tailed":[143],"distribution":[144],"synchronized":[146],"actions.":[147]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2026-10-30T00:00:00"}