Heterogeneity and Aggregate Dynamics

异质性和总体动力学

• 批准号: 9208896
• 负责人: Ricardo Caballero
• 金额: $ 10.53万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1992
• 资助国家: 美国
• 起止时间: 1992-07-01 至 1994-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9208896&HistoricalAwards=false
• 关键词: Heterogeneity; Aggregate; Dynamics

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heterogeneous units operate simultaneously, with continuous entry of new and efficient units and scrapping of old and outdated ones.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.

这个项目的前提是，微观经济单位不会根据它们所感知的信息和冲击不断地进行调整，而当它们进行调整时，它们的行动通常涉及相对较大的变化。最近的文献既发展了对这种行为的微观经济学解释，也发展了这种环境对总动力的影响。这个项目主要是后者的延续。该项目包括两个部分。第一部分提供了在非均匀和不连续的微观经济调整下总量动态模型的经验实施方法，并开发了几个应用。在方法方面，其目的是说明(1)如何从总量数据中恢复不同形式的微观经济调整政策，(2)这种政策对总量动态的影响，(3)这些政策的经验相关性，以及(4)如何将微观经济数据和总量数据结合起来，以提高总量动态模型的描述和预测能力。这些技术将被用于研究动态的劳动力需求、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，旨在研究在不断增长的经济中建立新的生产单位所产生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，不同的单位同时运作，不断有新的和高效率的单位进入，旧的和过时的单位被报废。该项目这一部分的目的是描述和研究动态失业和工资决定在这种趋势和周期的“清理”视角下的效率。这个仪器将被用来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。