Heterogeneity and Aggregate Dynamics

这个项目的前提是，微观经济单位不会对他们感知到的信息和冲击进行持续调整，而当他们调整时，他们的行为通常会发生相对较大的变化。最近的文献已经发展了这种行为的微观经济理由和这种环境对总体动态的影响。这个项目主要是后者的延续。该项目分为两部分。第一部分提供了异质性和不连续微观经济调整下总体动力学模型的经验实施方法，并开发了几种应用。在方法方面，其目的是展示(i)如何从总体数据中恢复不同形式的微观经济调整政策，（ii）这些政策对总体动态的影响，（iii）这些政策的经验相关性，以及（iv）如何整合微观经济和总体数据以提高总体动态模型的描述和预测能力。这些技术将用于研究动态劳动力需求，价格和工资动态，以及商业和住宅投资。该项目的第二部分更为具体，目的是研究在一个不断增长的经济体中建立新生产单位的成本所产生的动态和中期影响。调整成本和增长之间的相互作用产生了一种生产结构，在这种结构中，各种不同的单位同时运作，新的高效单位不断进入，旧的和过时的单位被淘汰。这部分项目的目的是描述和研究动态失业和工资决定的效率，在这种趋势和周期的“清洁”观点下。该工具将用于研究美国和欧洲的商业周期，以及面对结构性改革的影响和最佳政策设计。

This project starts from the premise that microeconomic units do not adjust continuously to the information and shocks they perceive, and that when they do adjust their actions typically involve relatively large changes. Recent literature has developed both the microeconomic justification for such behavior and the implications of such an environment for aggregate dynamics. This project is mostly a continuation of the latter. The project has two parts. The first provides methods for the empirical implementation of models of aggregate dynamics under heterogeneous and discontinuous microeconomic adjustment, and develops several applications. On the methodological side, its purpose is to show (i) how to recover from aggregate data different forms of microeconomic adjustment policies, (ii) the implications of such policies for aggregate dynamics, (iii) the empirical relevance of these, and (iv) how to integrate microeconomic and aggregate data to improve the descriptive and predictive power of aggregate dynamic models. These techniques will be used to study dynamic labor demands, price and wage dynamics, and business as well as residential investment. The second part of the project is more specific and is aimed at studying the dynamic and medium run implications of the presence of costs of creating new production units in a growing economy. The interaction between adjustment costs and growth yields a productive structure where heterogeneous units operate simultaneously, with continuous entry of new and efficient units and scrapping of old and outdated ones. The purpose of this part of the project is to describe and study the efficiency of dynamic unemployment and wage determination under this "cleansing" view of both trends and cycles. This apparatus will be used to study U.S. and European business cycles, as well as the impact and optimal policy design in the face of structural reforms.