Non-Convexities and Macroeconomic Complementarities

罗素·W·CooperNBERSBR-9876522本项目在宏观经济学中追求两个主题。第一个问题涉及非凸性在微观经济层面的宏观经济意义。特别是，资本和劳动力的调整成本的性质，以及这些调整对生产率的影响，在工厂一级的联合工作与约翰Haltiwanger研究。此外，在家庭一级的耐用品的调整过程进行了调查，以及与杰罗姆阿达的联合工作。对于这两个应用程序，优化建模通过规范的随机动态规划问题。然后，异质家庭的聚合产生宏观经济影响。这些模型在结构上估计使用工厂层面的数据（资本和劳动力调整过程）和家庭和耐用品购买的总数据。最后，在这两个项目中，将继续进行政策应用，如投资税收抵免、创造就业措施和取消补贴，项目的第二部分将继续对战略互补性的宏观经济影响进行研究。有两条路可走。首先，理解大萧条仍然是协调文献的主要目标。在与迪安·科斯特勒先前就金融危机所做工作的基础上，下一阶段的研究将研究银行挤兑的动态和货币政策在金融脆弱环境中的稳定作用。此外，该项目还研究了开放经济中汇率不稳定与金融脆弱性之间的相互作用。最后，计划继续与Alok Johri一起研究工厂层面的学习。具体而言，目标是研究边做边学和向他人学习的动态影响。同样，这需要估计工厂一级的生产函数，并将结果纳入动态宏观经济模型。

Russell W. CooperNBERSBR-9876522This project pursues two themes in macroeconomics. The first concerns the macroeconomic significance of non-convexities at the microeconomic level. In particular, the nature of adjustment costs for capital and labor as well as the implications of these adjustments for productivity are studied at the plant-level in joint work with John Haltiwanger. Further, the adjustment process for durables at the household level is investigated as well, in joint work with Jerome Adda. For both applications, optimization is modeled through the specification of a stochastic dynamic programming problem. Aggregation across heterogeneous households then generates macroeconomic implications. These models are structurally estimated using plant level data (for the capital and labor adjustment process) and both household and aggregate data for the durable goods purchases. Finally, in both of these projects, policy applications, such as investment tax credits, job creation measures and scrapping subsidies, are pursued.The second part of the project continues ongoing research into the macroeconomic implications of strategic complementarities. Two paths are pursued. First, understanding the Great Depression continues to be a prime target within the coordination literature. Building on previous work with Dean Corbae on financial crises, the next stage of the research studies the dynamics of bank runs and the stabilizing role of monetary policy in an environment of financial fragility. Further, the project studies the interactions between exchange rate instability and financial fragility in an open economy. Finally, a continuation of research with Alok Johri on learning at the plant level is planned. In particular, the goal is to study the dynamic implications of learning by doing and learning from others. Again, this entails estimation of production functions at the plant level and the integration of the results into a dynamic macroeconomic model.