Learning-by-doing and aggregate fluctuations

• 成果类型: Article
• 署名作者: Cooper, R; Johri, A
• 署名单位: McMaster University; Boston University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(02)00180-0
• 发表日期: 2002
• 页码: 1539-1566
• 关键词: business cycles; propagation mechanisms; learning-by-doing

摘要

An unresolved issue in business cycle theory is the endogenous propagation of shocks yielding allocations that exhibit the persistence displayed in the data. This paper explores the quantitative implications of one propagation mechanism: learning-by-doing, whose parameters are estimated using sectoral and plant level observations in the U.S. which are then integrated into a stochastic growth model with technology shocks. We conclude that learning-by-doing can be a powerful mechanism for generating endogenous persistence. Moreover learning-by-doing implies that the employment decision of the representative agent is dynamic which allows a re-interpretation of taste shocks or cyclical labor utilization as endogenous labor supply shifts. (C) 2002 Published by Elsevier Science B.V.