Sectoral Shocks, Learning, and Aggregate Fluctuations
提出一个模型，说明部门冲击如何通过不可逆投资和不完全信息导致总体经济波动，并指出这种缓慢调整并非最优。
We present a model in which sectoral shocks have aggregate consequences. The model relies on irreversible investment and imperfect information to slow the adjustment of expanding industries. We show that this gradual expansion is sub-optimal.