The core mechanism that drives economic growth in modern market economies is massive microeconomic restructuring and factor reallocation--the Schumpeterian "creative destruction" by which new technologies replace the old. At the microeconomic level, restructuring is characterized by countless decisions to create and destroy production arrangements. The efficiency of these decisions depends in large part on the existence of sound institutions that provide a proper transactional environment. In this groundbreaking book, Ricardo Caballero proposes a unified framework to analyze and understand a wide variety of macroeconomic phenomena stemming from limitations, especially institutional, that hinder these adjustments.Caballero argues that macroeconomic models need to be made more "structural" in a precise sense and can not be maintained on the assumption that decisions are fully flexible. What is needed, he proposes, is the notion of specificity--the idea that factors of production are not freely interchangeable. Many of the major macroeconomic developments of recent decades, he argues, fit naturally into this perspective, including the transition problems of Eastern Europe, the heavy weight of labor regulations in Western Europe, the emerging market crises of the 1990s, the prolonged expansion of the U.S. economy, and Japan's stagnation following the collapse of its real estate bubble.After describing the basic arguments of the book and developing models to illustrate two different kinds of specificity (relationship specificity and technological specificity), Caballero analyzes a variety of aspects of inefficient restructuring and revisits perennial business cycle patterns such as the cyclical behavior of unemployment, investment, and wages. Finally, he looks at the endogenous response of political institutions and technology to opportunistic exploitation of relationship specificity. Economists working on macroeconomics, development, growth, labor, and productivity issues will find Caballero's conceptual framework applicable to phenomena in their fields.
發表於2024-11-29
Specificity and the Macroeconomics of Restructuring (Yrjö Jahnsson Lectures) 2024 pdf epub mobi 電子書 下載
Yrjo Jahnsson Lectures是一個久負盛名的經濟學講座係列,曆史上在此講座上演講的全是某領域的大傢,其中包括Arrow、Hicks、Tobin、Kornai、Dreze、Lucas、Sen、Holmstrom、Roth、Diamond、List等等。 Caballero成名的研究是調整成本理論,這本書基本上算是十幾年調整成本理論...
評分Yrjo Jahnsson Lectures是一個久負盛名的經濟學講座係列,曆史上在此講座上演講的全是某領域的大傢,其中包括Arrow、Hicks、Tobin、Kornai、Dreze、Lucas、Sen、Holmstrom、Roth、Diamond、List等等。 Caballero成名的研究是調整成本理論,這本書基本上算是十幾年調整成本理論...
評分Yrjo Jahnsson Lectures是一個久負盛名的經濟學講座係列,曆史上在此講座上演講的全是某領域的大傢,其中包括Arrow、Hicks、Tobin、Kornai、Dreze、Lucas、Sen、Holmstrom、Roth、Diamond、List等等。 Caballero成名的研究是調整成本理論,這本書基本上算是十幾年調整成本理論...
評分Yrjo Jahnsson Lectures是一個久負盛名的經濟學講座係列,曆史上在此講座上演講的全是某領域的大傢,其中包括Arrow、Hicks、Tobin、Kornai、Dreze、Lucas、Sen、Holmstrom、Roth、Diamond、List等等。 Caballero成名的研究是調整成本理論,這本書基本上算是十幾年調整成本理論...
評分Yrjo Jahnsson Lectures是一個久負盛名的經濟學講座係列,曆史上在此講座上演講的全是某領域的大傢,其中包括Arrow、Hicks、Tobin、Kornai、Dreze、Lucas、Sen、Holmstrom、Roth、Diamond、List等等。 Caballero成名的研究是調整成本理論,這本書基本上算是十幾年調整成本理論...
圖書標籤: macroeconomics
Specificity and the Macroeconomics of Restructuring (Yrjö Jahnsson Lectures) 2024 pdf epub mobi 電子書 下載