| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5471 |
| 来源ID | Working Paper 5471 |
| The \"Fundamental Transformation\" in Macroeconomics | |
| Ricardo J. Caballero; Mohamad L. Hammour | |
| 发表日期 | 1996-02-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | When factors enter into joint-production, they typically develop a degree of specificity with respect to each other. It is well known that, when combined with contracting difficulties, specificity gives rise to a Williamsonian 'Fundamental Transformation' from an ex-ante competitive relationship to an ex-post bilateral monopoly. The macroeconomic consequences of widespread specificity are far-reaching. Specificity results in misallocation, underutilization, and unemployment of the economy's productive factors; it hampers growth by depressing the incentives to replace what is outdated and to fully utilize the economy's resources; it disrupts macroeconomic adjustment by inducing a wedge between timid creation and excessive destruction of the old system; and it exacerbates downturns by `elastifying' the cyclical response of inelastic factors. |
| 主题 | Macroeconomics ; Microeconomics ; Households and Firms |
| URL | https://www.nber.org/papers/w5471 |
| 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/562930 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Mohamad L. Hammour. The \"Fundamental Transformation\" in Macroeconomics. 1996. |
| 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 | ||
| w5471.pdf（151KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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