| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9946 |
| 来源ID | Working Paper 9946 |
| Partial Adjustment without Apology | |
| Robert G. King; Julia K. Thomas | |
| 发表日期 | 2003-09-01 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Many kinds of economic behavior appear to be governed by discrete and occasional individual choices. Despite this, econometric partial adjustment models perform relatively well at the aggregate level. Analyzing the classic employment adjustment problem, we show how discrete and occasional microeconomic adjustment is well described by a new form of partial adjustment model that aggregates the actions of a large number of heterogeneous producers. We begin by describing a basic model of discrete and occasional adjustment at the micro level, where production units are essentially restricted to either operate with a fixed number of workers or shut down. We show that this simple model is observationally equivalent at the market level to the standard rational expectations partial adjustment model. We then construct a related, but more realistic, model that incorporates the idea that increases or decreases in the size of an establishment's workforce are subject to fixed adjustment costs. In the market equilibrium of this model, employment responses to aggregate disturbances include changes both in employment selected by individual establishments and in the measure of establishments actively undertaking adjustment. Yet the model retains a partial adjustment flavor in its aggregate responses. Moreover, in contrast to existing models of discrete adjustment, our generalized partial adjustment model is sufficiently tractable to allow extension to general equilibrium. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment |
| URL | https://www.nber.org/papers/w9946 |
| 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/567571 |
| 推荐引用方式 GB/T 7714 | Robert G. King,Julia K. Thomas. Partial Adjustment without Apology. 2003. |
| 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 | ||
| w9946.pdf（1015KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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