Dynamic Factor Demand: Frictions and Aggregate Productivity Effects

动态要素需求：摩擦和总体生产率效应

• 批准号: 0819682
• 负责人: Russell Cooper
• 金额: $ 19.86万
• 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: 2008
• 资助国家: 美国
• 起止时间: 2008-07-01 至 2014-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0819682&HistoricalAwards=false
• 关键词: Dynamic; Factor; Demand; Frictions; Aggregate

AbstractDynamic Factor Demand: Frictions and Aggregate Productivity EffectsPI: Russell W. Cooper, University of Texas, SES-0819682This research studies the dynamics of capital and labor utilization and adjustment in the firm. The goal of the research is to specify and solve dynamic optimization problems of a firm, or its plants, taking into account the difficulties faced in adjusting capital and labor inputs. Capturing the complexity of this adjustment is one of the research accomplishments. One novel feature of the research is the use of an "Euler equation" continuous-optimization approach to estimation even though adjustment of the factors is intermittent. The project develops an approach for estimating the demand for capital in this way. Other research extends this approach to applications with occasionally binding constraints. This includes the study of a problem in which a firm faces financial restrictions which only bind in some states, and a household problem of limited access to capital markets.Understanding dynamic factor demand is quite important for policy purposes. For instance, the analysis of a reduction in the cost of capital through an investment tax credit, must be consistent with the nature of micro-level adjustment frictions. Otherwise, the predictions of the policy effects may be erroneous.Studies of aggregate productivity likewise need to take account of the significance of frictions in the reallocation of capital and labor. This research builds upon characterizations of the micro-level frictions to study the dynamics of aggregate productivity. Specifically, it provides an environment to evaluate the significance of endogenous reallocation costs for measured aggregate productivity. The methods developed then are applied to study productivity behavior during disruptions such as those caused by the Great Depression in the United States.

动态要素需求：消费与总生产率。库珀，得克萨斯大学，SES-0819682本研究研究的动态资本和劳动力的利用和调整，在企业。研究的目标是指定和解决企业或其工厂的动态优化问题，同时考虑到调整资本和劳动力投入所面临的困难。捕捉这种调整的复杂性是研究成果之一。研究的一个新特点是使用“欧拉方程”连续优化方法来估计，即使调整的因素是间歇性的。该项目开发了一种以这种方式估计资本需求的方法。其他研究将这种方法扩展到偶尔具有约束条件的应用程序。这包括研究一个问题，其中一个公司面临的金融限制，只有约束在某些国家，和一个家庭的问题，有限的进入资本市场。了解动态要素需求是非常重要的政策目的。例如，对通过投资税收抵免降低资本成本的分析必须符合微观层面调整摩擦的性质。否则，对政策效果的预测可能会出现错误。对总生产率的研究同样需要考虑资本和劳动力再分配中摩擦的重要性。本研究建立在微观层面摩擦的特征，研究总生产率的动态。具体而言，它提供了一个环境，以评估内生再分配成本的测量总生产率的意义。然后开发的方法被应用于研究生产力行为的中断，如那些在美国大萧条造成的。