The Macroeconomic Implications of Adjustment Costs

小行星9309979 有关价格、就业、投资和消费等总变量的动态问题是商业周期分析的核心。 这些变量的一个显著特征是这些集合体的性质与作为其基础的个体行为的性质之间的根本差异。 企业的价格行为、投资行为、就业行为以及个人的消费行为都包含着摩擦因素，在微观经济层面上会导致惯性。 然而，个体之间的异质性倾向于平滑相应的聚集体的行为。 然而，尽管它们表面上具有连续性，但这些聚合物最终是它们各部分的总和。 因此，它们继承了行为组件的某些属性。 新的资金将继续研究微观经济摩擦影响总量的确切方式。 以前的工作集中在理论问题上的信息考虑到该领域的聚合。 目前的项目将采用经验性方法进行汇总，使用一套特别适合汇总研究的关于抵押贷款再融资的独特数据。 该项目还开发了新的理论思想，并利用20世纪80年代初拉丁美洲债务危机等特定历史事件的数据来测试理论研究的适用性。 该项目还开发了一个模型的货币政策制定的调整成本和不完全信息的存在。 该模型允许对渐进主义和更积极的货币政策方法之间的选择所涉及的问题进行严格的分析。 研究结果将揭示美国近期货币政策的性质，并为其他广泛的政策问题提供借鉴。 ***

9309979 Leahy Questions concerning the dynamics of aggregate variables such as prices, employment, investment, and consumption represent the core of business cycle analysis. One striking feature of these variables is the radical difference between properties of these aggregates and the nature of the individual behavior that underlies them. The behavior of a firm's prices, investment, and employment, and the behavior of an individual's consumption all involve frictional elements that lead to inertia at the microeconomic level. Heterogeneity among individuals, however, tends to smooth the behavior of the corresponding aggregates. Yet, in spite of their apparent continuity, these aggregates are in the end the sum of their parts. They therefore inherit certain properties from the behavior components. Renewed funding will continue this research on the precise way in which microeconomic frictions influence aggregates. Previous work focussed on theoretical issues involved with the introduction of informational considerations into the field of aggregation. The current project will pursue empirical approaches to aggregation using a unique data set on mortgage refinancing that is particularly well suited to the study of aggregation. The project also develops new theoretical ideas and tests the applicability of the theoretical research with data from specific historical episodes such as the Latin American debt crisis of the early 1980's. The project also develops a model of monetary policy formulation in the presence of adjustment costs and imperfect information. The model permits rigorous analysis of the issues involved in choosing between a gradualist and a more aggressive approach to monetary policy. The results will shed light on the nature of recent U.S. monetary policy and have lessons for a wide range of other policy issues. ***