Equilibrium Dynamics with Microeconomic Frictions

9730133莱希这个项目是根据国家科学基金会早些时候的一笔拨款开始的关于微观经济摩擦对宏观经济影响的研究。价格、就业、投资和消费等变量的动态变化代表了商业周期分析的核心。在每一种情况下，集合的平稳性都掩盖了支撑它们的个别决策的不平坦性质。在过去的十年里，在理解这些市场中个体和总体动态之间的关系方面取得了很大进展。主要的弱点是缺乏对这些环境中的均衡互动的认识。这个项目解决了这一疏漏。该项目由理论部分和经验部分组成。理论上的贡献包括一种在带有块状调整的模型中构建均衡的方法。由于聚集体的演化通常依赖于单个状态的整个分布，这些设置中的平衡变得复杂。这个项目的方法是对分配动态进行自然近似，保留基本的经济相互作用，同时使均衡的构建容易处理。经验成分是双重的。第一个任务是检验该近似的有效性。第二项任务是将模型预测的反应与数据中明显的反应相匹配。?？

9730133 Leahy This project continues research begun under an earlier NSF grant on the macroeconomic implications of microeconomic frictions. The dynamics of variables such as prices, employment, investment, and consumption represent the core of business cycle analysis. In each case the smoothness of the aggregates masks the lumpy nature of the individual decisions that underlie them. Much progress has been made in the past decade in understanding the relationship between individual and aggregate dynamics in these markets. The main weakness is the lack of appreciation for equilibrium interactions in these settings. This project addresses this omission. The project consists of theoretical and empirical components. The theoretical contribution consists of a method of constructing equilibria in a model with lumpy adjustment. Equilibrium in these settings is complicated by the fact that the evolution of aggregates usually depends on the entire distribution of individual states. The approach in this project is to make natural approximations to the distributional dynamics that retain the essential economic interactions while making the construction of equilibria tractable. The empirical component is twofold. The first task is to test the validity of the approximation. The second task is to match the responses predicted by the model with those evident in the data. ??