Collaborative Research on Adjustment Costs and Information in Aggregate Fluctuations

这个项目研究的是相互作用的综合后果 个体代理人面临的调整成本与 经济中的信息传递。 调整成本 提供了一个自然的理由，信息是不完美的， 多主体经济 当行动代价高昂时，个人就不会 他们发现，对他们生活中的每一个变化做出反应符合他们的利益。 在这种情况下，防止个人传播 通过市场数据向他人提供信息。 符合要求的细粉则随 信息问题造成了一个原因，即使在竞争激烈的 在这种情况下，平衡可能是次优的。 当个体体重 行动的成本和收益，他们忽视了对他人的价值 他们的行动所透露的信息。 这个目标 研究表明，我们的无知程度可以发挥关键作用， 在确定业务活动的平均水平和 波动的模式。 为了完成这项任务，许多困难的建模问题，如 面对调整成本和部分 一般均衡模型中的信息披露，必须 解决了 初步的理论模型，克服了许多 困难的建模问题，并允许完整的分析， 信息与调整之间的稳态相互作用 费用已经完成。 非稳态扩展，其中 信息动态的重要性很容易理解， 开发 信息只能通过行动释放， 调整成本限制行动对于 经济波动。 特别是， 信息和调整成本可能导致 个人决定。 其他人不采取行动可能会导致所有人 代理人犹豫，而其他人的行动可能会促进反应。 这可能导致市场波动加剧。 这项研究让我们 更好地理解可能的原因， 不完全信息对行为的影响 经济

This project studies the aggregate consequences of the interaction between the adjustment costs faced by individual agents and the transmission of information in the economy. Adjustment costs provide a natural reason for information to be imperfect in a multi-agent economy. When action is costly, individuals will not find it in their interests to respond to every change in their circumstances, thereby preventing the transmission of individually held information to others through market data. In turn, the information problem creates a reason why, even in a competitive setting, equilibrium may be suboptimal. When individuals weigh the costs and benefits of action, they ignore the value to others of the information revealed by their action. The goal of this study is to show that the extent of our ignorance can play a key role in determining both the average level of business activity and the pattern of fluctuations. To accomplish this task many difficult modelling problems, such as aggregation in the face of adjustment costs and the partial revelation of information in general equilibrium models, must be solved. A preliminary theoretical model which overcomes many of the difficult modelling problems and allows a complete analysis of the steady state interactions between information and adjustment costs was completed. Non-steady state extensions in which the importance of information dynamics is readily appreciated will be developed. The idea that information may only be released through action and that adjustment costs limit action has important consequences for economic fluctuations. In particular, the interaction of information and adjustment costs may result in the bunching of individual decisions. The failure of others to act may lead all agents to hesitate, while action by others may promote responses. This may lead to increased market volatility. This study takes us down the path to a better understanding of possible causes and consequences of incomplete information on the behavior of the economy.