Dynamic Factor Demand: Frictions and Aggregate Productivity Effects

[摘要]动态要素需求：摩擦与总生产率效应[j]: Russell W. Cooper, University of Texas， ses -0819682]本文研究了企业内部资本和劳动力利用与调整的动态。研究的目的是在考虑到调整资本和劳动力投入所面临的困难的情况下，明确并解决企业或其工厂的动态优化问题。捕捉这种调整的复杂性是研究成果之一。该研究的一个新特点是使用“欧拉方程”连续优化方法进行估计，即使因素的调整是间歇性的。该项目开发了一种以这种方式估算资金需求的方法。其他研究将这种方法扩展到偶尔有绑定约束的应用程序。这包括一个问题的研究，在这个问题中，一个公司面临的财务限制，只在某些国家有约束力，和一个家庭的问题，有限的进入资本市场。了解动态因素需求对政策目的非常重要。例如，对通过投资税收抵免降低资本成本的分析必须与微观层面调整摩擦的性质相一致。否则，对政策效果的预测可能是错误的。对总生产率的研究同样需要考虑到摩擦在资本和劳动力再分配中的重要性。本研究建立在微观层面摩擦的特征上，以研究总生产率的动态。具体来说，它提供了一个环境来评估内生再分配成本对测量的总生产率的重要性。然后开发的方法被应用于研究中断期间的生产力行为，例如美国大萧条造成的中断。

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.