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Specificity and the Macroeconomics of Restructuring
Caballero, Ricardo J. - The MIT Press
of unemployment, investment, and wages. Finally, he looks at the endogenous response of political institutions and …
Persistent link: https://www.econbiz.de/10004973163
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Missing Aggregate Dynamics: On the Slow Convergence of Lumpy Adjustment Models
Caballero, Ricardo J.; Engel, Eduardo M.R.A. - Cowles Foundation for Research in Economics, Yale University - 2003
The dynamic response of aggregate variables to shocks is one of the central concerns of applied macroeconomics. The main measurement procedure for these dynamics consists of estimmiating an ARMA or VAR (VARs, for short). In non- or semi-structural approaches, the characterization of dynamics...
Persistent link: https://www.econbiz.de/10005762701
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Adjustment Is Much Slower Than You Think
Caballero, Ricardo J.; Engel, Eduardo M.R.A. - Economic Growth Center, Economics Department - 2003
holds for the microeconomic response of some of the most important economic variables, such as investment, labor demand, and … actual response to shocks is less than half as fast as the estimated response. For investment, labor demand and prices, the …, even after aggregating investment across all establishments in U.S. manufacturing, the estimate of its speed of adjustment …
Persistent link: https://www.econbiz.de/10005558496