科研之友
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摘要
In a business cycle model that incorporates a standard matching framework, employment increases in response to news shocks, even though the wealth effect associated with the increase in expected productivity reduces labor force participation. The reason is that the matching friction induces entrepreneurs to increase investment ill new projects and vacancies early. If there is underinvestment in new projects ill the competitive equilibrium, then the efficiency gains associated with all increase ill employment make it possible that Consumption, employment, Output, as well as the investment in new and existing projects jointly increase long before the actual increase in productivity materializes. If there is no underinvestment, then investment in existing projects decreases, but total investment, consumption, employment, and Output Still jointly increase.
- 出版日期2009-4
