Dynamic complementarities: A quantitative analysis

• 成果类型: Article
• 署名作者: Cooper, RW; Johri, A
• 署名单位: McMaster University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(97)00032-9
• 发表日期: 1997
• 页码: 97-119
• 关键词: propagation; production externalities; dynamic complementarity

摘要

This paper considers the importance of dynamic complementarities as an endogenous source of propagation in a dynamic stochastic economy. Dynamic complementarities link the stocks of human and organizational capital, which are influenced by past levels of economic activity, to current levels of productivity. We supplement an otherwise standard dynamic business cycle model with both contemporaneous and dynamic complementarities. The model is calibrated using estimates of these effects from both micro and aggregate data. Our quantitative analysis identifies empirically relevant dynamic complementarities as a source of propagation for both technology and taste shocks.