Infrequent Microeconomic Adjustment and Macroeconomic Fluctuations: Theory and Evidence

建立微观经济交易成本模型对于 更好地了解大多数宏观经济行为 像耐用消费品，商业投资， 库存、就业和价格。 为了获得 时间序列性质的真正结构解释 在这些变量中， 微观经济问题和聚集过程是 必要 现有的动态调整微观经济模型 在现实交易成本的存在下， 个别单位不应该对他们的每一个创新都做出反应。 环境，他们可能会不连续地对那些 创新触发调整的变量决定 该模型 这项研究的目的是扩大现有的 不频繁的微观经济调整模型，分析其 对聚集现象的影响，并测试这些 影响，并评估其定量相关性。 这 研究是重要的，因为它将提供一个更好的 了解交易成本在多大程度上 微观层面可能提供一个合理的微观经济基础 来解释商业周期。

Modeling microeconomic transaction costs is essential for a better understanding of the behavior of most macroeconomic variables over time like consumer durables, business investment, inventories, employment, and prices. In order to obtain a genuinely structural interpretation of the time series properties of these variables, a careful treatment both of the underlying microeconomic problem and of the aggregation process is necessary. Available microeconomic models of dynamic adjustment in the presence of realistic transaction costs predict that individual units should not react to every innovation in their environment, and that they may react discontinuously to those innovations that trigger adjustment of variables determined by the model. The purpose of this research is to extend available models of infrequent microeconomic adjustment, to analyze their implications for aggregate phenomena, and to test these implications and assess their quantitative relevance. This research is important because it will provide a better understanding of the degree to which transaction costs at the micro level might provide a plausible microeconomic foundation for explaining the business cycle.