文章基本信息

标题：When does lumpy factor adjustment matter for aggregate dynamics?
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作者：Stephan Fahr ; Fang Yao
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：We analyze the dynamic e¤ects of lumpy factor adjustments at the rm level onto the aggregate economy. We nd that distinguishing between capital and labour as lumpy fac- tors within the production function result in very di¤erent dynamics for aggregate output, investment and labour in an otherwise standard real business cycle model. Lumpy capital leaves the RBC mainly unchanged, while lumpy labour allows for persistence and an inner propagation within the model in form of hump-shaped impulse repsonses. In addition, when modeling lumpy adjustments on both investment and labour, the aggregate e¤ects are even stronger. We investigate the mechanisms underlying these results and identify the elasticity of factor supply as the most important element in accounting for these di¤erences.
关键词：Lumpy labor adjustment; Lumpy investment; Business cycles; Elasticity of;supply.