Capital Lessons in Leaning against the Wind
通过宏观模型模拟，研究资本的可塑性和耐久性如何影响逆周期政策的有效性，发现资本属性越弱，经济系统受冲击时波动越大，而政策调控效果高度依赖于资本结构。
This paper examines how the nature of capital bears on the effectiveness of countercyclical policy. Underlying the inquiry is a macro model which postulates that capital in place differs from capital in design. It also postulates that fiscal and monetary actions follow asymmetric feedback rules keyed to unemployment. As the malleability or durability of capital lessens, the system is observed through simulation to respond more turbulently when disturbed. To moderate that response, feedback controls are altered in strength, and although they generally succeed in reducing system turbulence, their success rate is shown to depend heavily and complexly upon capital's makeup. Copyright 1987 by Ohio State University Press.