Sectoral shocks, learning, and aggregate fluctuations

Andrew Caplin; John Leahy

doi:10.2307/2298099

Sectoral shocks, learning, and aggregate fluctuations

Andrew Caplin, John Leahy

Research output: Contribution to journal › Article › peer-review

Abstract

We present a model in which sectoral shocks have aggregate consequences. The model relies on irreversible investment and imperfect information to slow the adjustment of expanding industries. We show that this gradual expansion is sub-optimal.

Original language	English (US)
Pages (from-to)	777-794
Number of pages	18
Journal	Review of Economic Studies
Volume	60
Issue number	4
DOIs	https://doi.org/10.2307/2298099
State	Published - Oct 1993

ASJC Scopus subject areas

Economics and Econometrics

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10.2307/2298099

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