PARTIAL ADJUSTMENT WITHOUT APOLOGY*
通过加总面临固定调整成本的异质性生产者的行为，解释了为何部分调整模型在宏观层面表现良好，而微观行为却是离散的，并展示了该框架可应用于一般均衡设定。
Econometric partial adjustment models perform relatively well at the aggregate level; however, many kinds of microeconomic behavior involve discrete and occasional choices. Analyzing the classic employment adjustment problem, we show how a generalized partial adjustment model tractably accommodates both observations by aggregating the actions of heterogeneous producers facing fixed adjustment costs. Aggregate disturbances cause changes in establishment‐level target employment and in the measure of establishments actively adjusting to their target, whereas aggregate responses exhibit partial adjustment. Our framework also can be applied in general equilibrium settings with persistent idiosyncratic shocks without forfeiting the convenient use of linear solution methods.