论文标题
比较静态的调整成本和LE Chatelier原则
Comparative statics with adjustment costs and the Le Chatelier principle
论文作者
论文摘要
我们为具有调整成本的模型开发了单调比较静态的理论。我们表明，在对目标函数的通常序数互补假设下，可以得出比较统计的结论，假设成本很少：只需要轻度的单调条件。我们使用这种见解来证明一般的Le Chatelier原理：在序数互补性假设下，如果短期调整受单调成本的约束，那么对冲击的长期响应要大于短期响应。我们将这些结果扩展到一个完全动态的调整模型，随着时间的推移：LE Chatelier原理仍然有效，在稍强的假设下，最佳调整遵循单调路径。我们将结果应用于储蓄，生产，定价，劳动力供应和投资的模型。
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.
