文章基本信息

标题：Intersectoral Adjustment and Policy Intervention: the Importance of General Equilibrium Effects
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作者：Karp, Larry S. ; Paul, Thierry
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2002
期号：suppl
出版社：Journal of Agribusiness
摘要：We model adjustment costs in a general equilibrium setting using a "transport sector". This sector provides services needed to re-allocate a factor of production across two other sectors. A market imperfection in the transport sector causes adjustment to occur too slowly in the absence of government intervention. The government has a restricted menu of second best policies to remedy this imperfection. Given this restricted menu, the optimal policy choice depends on the government's ability to make commitments. The key to these results is our replacement of the black box of adjustment costs with an explicit model of these costs.
关键词：adjustment costs;dynamic policies;time-inconsistency;Markov perfection;disadvantageous policy