| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5198 |
| 来源ID | Working Paper 5198 |
| On the Ills of Adjustment | |
| Ricardo J. Caballero; Mohamad L. Hammour | |
| 发表日期 | 1995-07-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | We analyze market impediments to the process of structural adjustment. We focus on incomplete-contract inefficiencies in the transactions between workers and firms that render the quasi-rents from 'specific' investment appropriable. During adjustment, the result is a depressed rate of creation of the new productive structure and excessive destruction of the old one, leading to an employment crisis. Moreover, appropriability weakens the incentives for extensive restructuring and results in a 'sclerotic' productive structure. An adequate managed- adjustment program combines vigorous creation incentives in the expanding sector with measures to support employment in the contracting one. In contrast, the common prescription of gradualism does not act as an effective 'synchronizer' of creation and destruction, for it can only reduce destruction by also reducing an already depressed creation rate. |
| 主题 | Macroeconomics ; Macroeconomic Models ; International Economics |
| URL | https://www.nber.org/papers/w5198 |
| 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/562641 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Mohamad L. Hammour. On the Ills of Adjustment. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5198.pdf（467KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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