| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5757 |
| 来源ID | Working Paper 5757 |
| The Macroeconomics of Specificity | |
| Ricardo J. Caballero; Mohamad L. Hammour | |
| 发表日期 | 1996-09-01 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | Specific quasi-rents build up in a wide variety of economic relationships, and are exposed to opportunism unless fully protected by contract. The recognition that such contracts are often incomplete has yielded major insights into the organization of microeconomic exchange. Rent appropriation, we argue, also has important macroeconomic implications. Resources are underutilized, factor markets are segmented, production suffers from technological with creation, recessions are excessively sharp, and expansions run into bottlenecks. While, depending on the nature of the shock, expansions may require reinforcement or stabilization, recessions should always be softened. In the long run, institutions, such as those governing capital-labor relations, may evolve to alleviate the problem by balancing appropriation. Technology choice will also be affected, with the appropriated factor partially appropriation as manifested in the role capital-labor substitution played in the rise of European unemployment. |
| 主题 | Macroeconomics ; Macroeconomic Models |
| URL | https://www.nber.org/papers/w5757 |
| 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/563245 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Mohamad L. Hammour. The Macroeconomics of Specificity. 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 | ||
| w5757.pdf（2353KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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