Comparative Statics With Adjustment Costs and the Le Chatelier Principle
研究了带有调整成本的模型中单调比较静态分析的理论，证明在通常的序数互补性假设下，长期对冲击的反应大于短期，并应用于储蓄、生产、定价、劳动供给和投资模型。
We develop a theory of monotone comparative statics for models with adjustment costs. We show that comparative‐statics conclusions may be drawn under the usual ordinal complementarity assumptions on the objective function, assuming very little about costs: only a mild monotonicity condition is required. We use this insight to prove a general Le Chatelier principle: under the ordinal complementarity assumptions, if short‐run adjustment is subject to a monotone cost, then the long‐run response to a shock is greater than the short‐run response. We extend these results to a fully dynamic model of adjustment over time: the Le Chatelier principle remains valid, and under slightly stronger assumptions, optimal adjustment follows a monotone path. We apply our results to models of saving, production, pricing, labor supply, and investment.