Sectoral Shocks, Learning, and Aggregate Fluctuations

Andrew Caplin · John Vincent Leahy

86 citations0/0 files storedThe Review of Economic Studies

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Economic theories and models Monetary Policy and Economic Impact Economic Theory and Policy

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.

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1980Irreversibility, Uncertainty, and Cyclical Investment 1980On the Impossibility of Informationally Efficient Markets 1986Free Entry and Social Inefficiency 1982Sectoral Shifts and Cyclical Unemployment 1989The Beveridge Curve 1982Limit Pricing and Entry under Incomplete Information: An Equilibrium Analysis 1984Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?1984Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard

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