Capital Allocative Disturbances and Economic Fluctuations
研究永久性部门生产率冲击导致资本配置失衡，进而引发跨部门要素重新配置的成本，实证表明这些成本会使产出低于潜在水平，且影响持续三个季度。
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. Copyright 1993 by MIT Press.