Dynamic complementarities: A quantitative analysis
研究动态互补性如何作为经济波动的内生传播机制，通过连接人力与组织资本存量影响当前生产率，并校准模型量化其对技术和偏好冲击的传播作用。
This paper considers the importance of dynamic complementarities as an endogenous source of propagation in a dynamic stochastic economy. Dynamic complementarities link the stocks of human and organizational capital, which are influenced by past levels of economic activity, to current levels of productivity. We supplement an otherwise standard dynamic business cycle model with both contemporaneous and dynamic complementarities. The model is calibrated using estimates of these effects from both micro and aggregate data. Our quantitative analysis identifies empirically relevant dynamic complementarities as a source of propagation for both technology and taste shocks.