| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10368 |
| 来源ID | Working Paper 10368 |
| Three Strikes and You're Out: Reply to Cooper and Willis | |
| Ricardo J. Caballero; Eduardo M.R.A. Engel | |
| 发表日期 | 2004-03-22 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Cooper and Willis (2003) is the latest in a sequence of criticisms of our methodology for estimating aggregate nonlinearities when microeconomic adjustment is lumpy. Their case is based on reproducing' our main findings using artificial data generated by a model where microeconomic agents face quadratic adjustment costs. That is, they supposedly find our results where they should not be found. The three claims on which they base their case are incorrect. Their mistakes range from misinterpreting their own simulation results to failing to understand the context in which our procedures should be applied. They also claim that our approach assumes that employment decisions depend on the gap between the target and current level of unemployment. That is incorrect as well, since the gap approach' has been derived formally from at least as sophisticated microeconomic models as the one they present. On a more positive note, the correct interpretation of Cooper and Willis's results shows that our procedures are surprisingly robust to significant departures from the assumptions made in our original derivations. |
| 主题 | Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w10368 |
| 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/567997 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Eduardo M.R.A. Engel. Three Strikes and You're Out: Reply to Cooper and Willis. 2004. |
| 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 | ||
| w10368.pdf（188KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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