Putty‐Clay and Investment: A Business Cycle Analysis
构建了一个包含油灰黏土技术、投资不可逆和可变产能利用的一般均衡模型，分析技术或价格冲击如何导致产出和就业的驼峰形响应、持久性及非对称周期，并用两部门模型估计了油灰黏土资本在解释商业周期中的作用。
This paper develops a general equilibrium model with putty-clay technology, investment irreversibility, and variable capacity utilization. Low short-run capital-labor substitutability induces the putty-clay effect of a tight link between changes in capacity and movements in employment and output. Permanent shocks to technology or factor prices generate a hump-shaped response of hours, persistence in output growth, and positive comovement in the forecastable components of output and hours. Capacity constraints result in asymmetric responses to large shocks with recessions deeper than expansions. Estimation of a two-sector model supports a significant role for putty-clay capital in explaining business cycle and medium-run dynamics.