Flexibility and Frictions in Multisector Models
研究发现大衰退期间更灵活的部门债券利差更低，通过构建包含投入产出联系、异质性弹性和营运资本约束的模型，解释了这一现象，并量化了部门弹性差异对经济扭曲的放大作用。
We show that during the Great Recession, more-flexible sectors paid lower sectoral bond spreads. We rationalize this fact with a model with input-output linkages, heterogeneous elasticities, and binding working capital constraints in the use of intermediates. We show that the difference in flexibility between upstream and downstream sectors is key for determining the role of input-output linkages in amplifying or mitigating distortions. Calibrating the model to the US economy, we find that our sectoral elasticity estimates amplify distortions by a factor of 1.7 compared to the Cobb-Douglas case, and generate an input-output multiplier 1.2 times the homogeneous elasticity case.