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首页> 外文期刊>Journal of Economic Dynamics and Control >Organizational dynamics and aggregate fluctuations: The role of financial relationships
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Organizational dynamics and aggregate fluctuations: The role of financial relationships

机译：组织动态和总体波动：财务关系的作用

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This paper constructs an estimated dynamic stochastic general equilibrium model to study the role of labor reallocation between production and organizational tasks within a firm in movements in measured TFP in Japan. Allocating more labor to organizational tasks strengthens the financial relationship with financial intermediaries and helps firms to mitigate a widening in credit spread during financial difficulties. However, doing so reduces the labor allocated to production tasks and hence the measured TFP. Our quantitative analysis indicates that labor reallocation contributes to the observed procyclicality in measured TFP. We also find that this mechanism amplifies and propagates the effects of exogenous shocks on aggregate activity.
机译：本文构建了一个估计的动态随机一般均衡模型，以研究日本生产性全要素生产率中企业内部生产和组织任务之间的劳动力再分配的作用。将更多的劳动力分配给组织任务，可以加强与金融中介机构的财务关系，并帮助公司减轻财务困难期间信贷利差的扩大。但是，这样做可以减少分配给生产任务的劳动力，从而减少了测得的TFP。我们的定量分析表明，劳动力的重新分配有助于衡量TFP的观察到的周期性。我们还发现，这种机制放大并传播了外来冲击对聚合活动的影响。

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