Delayed Adjustment and Persistence in Macroeconomic Models
研究发现，当放松生产技术在时间上可分离的假设时，投资和雇佣的脉冲响应会出现延迟调整，这能解释数据中观察到的持续性，对宏观建模和实证研究有参考价值。
Abstract Estimated impulse responses of investment and hiring typically peak well after the impact of a shock. Standard models with adjustment costs in capital and labor do not exhibit such delayed adjustment, but we argue that it arises naturally when we relax the assumption that the production technology is separable over time. This result, which holds for both convex and nonconvex cost functions, is strong enough to match the persistence observed in the data for reasonable parameter values. We discuss some evidence for our explanation and ways to test it.