| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6717 |
| 来源ID | Working Paper 6717 |
| Improper Churn: Social Costs and Macroeconomic Consequences | |
| Ricardo J. Caballero; Mohamad L. Hammour | |
| 发表日期 | 1998-09-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | This paper assembles elements that are essential in forming an integral picture of the way a churning' economy functions and of the disruptions caused by transactional difficulties in labor and financial markets. We couch our analysis in a stochastic equilibrium model anchored with US evidence on gross factor flows and on rents in worker and firm income. We develop a social accounting framework to measure the costs of transactional impediments. We calculate the average social loss associated with structural unemployment and low productivity -- due to technological sclerosis' and a scrambling' of productivity rankings in entry and exit decisions. We also estimate the loss from a recession. An additional forty percent to the traditional unemployment cost is due to reduced productivity and is determined by the recession's cumulative effect on the economy's churn rate. Although a recessionary shock increases the economy's turbulence' at impact, semi-structural VAR evidence from US manufacturing indicates that, cumulatively, it results in a chill' -- which is costly in an economy that suffers from sclerosis. |
| 主题 | Macroeconomics ; Consumption and Investment ; Money and Interest Rates |
| URL | https://www.nber.org/papers/w6717 |
| 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/564227 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Mohamad L. Hammour. Improper Churn: Social Costs and Macroeconomic Consequences. 1998. |
| 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 | ||
| w6717.pdf（1876KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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