This paper studies sectoral shocks and aggregate fluctuations in Australia from 1994 to 2023. It shows that production-network linkages make sector-specific shocks central before COVID, while the pandemic period is dominated by aggregate shocks.

This paper examines how the empirical content of revealed preference theory depends on the dimensionality of the choice environment. Using Selten’s Area measure, it shows that for any fixed number of observations, the empirical content of GARP converges to zero exponentially fast in the number of goods.