CAPITAL ALLOCATIVE DISTURBANCES AND ECONOMIC-FLUCTUATIONS

• 成果类型: Article
• 署名作者: TOLEDO, W; MARQUIS, MH
• 署名单位: State University System of Florida; Florida State University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.2307/2109428
• 发表日期: 1993-05
• 页码: 233-240
• 关键词: real business-cycle; UNITED-STATES; unemployment; output; money

摘要

Permanent sector specific productivity shocks alter the relative marginal products of capital and labor across sectors, such that the existing factor allocations are suboptimal. The subsequent factor reallocations may involve the costly movement and redeployment of capital and labor across sectors. To proxy the magnitude of these disturbances, this paper focuses on capital, rather than labor, allocative disturbances, since firms can make temporary adjustments in employment levels in response to transitory sectoral shocks. Empirical evidence is provided that these costs reduce output from what it otherwise would have been, and that this effect persists for up to three quarters.