全球智库信息集成服务系统(G2TT): Technology Commitment and the Cost of Economic Fluctuations

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w3755
来源ID	Working Paper 3755
	Technology Commitment and the Cost of Economic Fluctuations
	Garey Ramey; Valerie A. Ramey
发表日期	1991-06-01
出版年	1991
语种	英语
摘要	When firms must make technology commitments, economic fluctuations impose costs in the form of ex post inefficiency in production technology. We present a general equilibrium model in which, due to the presence of technology commitment, greater volatility of productivity shocks leads to lower mean output. When learning-by-doing is incorporated, mean output becomes permanently lower as a consequence of higher volatility. The negative and persistent relationship between mean and variance of output implied by our model is strongly verified by the data. We estimate that observed volatility has imposed a cost amounting to almost two percentage points of U.S. GNP growth.
主题	Macroeconomics ; Consumption and Investment ; Business Cycles
URL	https://www.nber.org/papers/w3755
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561072
推荐引用方式 GB/T 7714	Garey Ramey,Valerie A. Ramey. Technology Commitment and the Cost of Economic Fluctuations. 1991.