Equilibrium Dynamics with Microeconomic Frictions

9730133 Leahy这个项目继续在早期的NSF资助下开始的关于微观经济摩擦的宏观经济影响的研究。经济周期分析的核心是物价、就业、投资、消费等变量的动态变化。在每种情况下，聚合的平滑性掩盖了作为其基础的单个决策的粗糙性。在过去十年中，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平衡相互作用的认识。本项目解决了这一遗漏。该项目由理论和实证两个部分组成。理论贡献包括一种构造带块平差模型的均衡的方法。在这些情况下，平衡是复杂的，因为总体的演变通常取决于个体状态的整体分布。本项目的方法是对分配动力学进行自然近似，在使平衡的构建易于处理的同时保留基本的经济相互作用。经验成分是双重的。第一个任务是检验近似的有效性。第二个任务是将模型预测的响应与数据中明显的响应相匹配。?？

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. ??