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首页> 外文期刊>Journal of Economic Dynamics and Control >Functional equivalence between intertemporal and multisectoral investment adjustment costs
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Functional equivalence between intertemporal and multisectoral investment adjustment costs

机译：跨期和多部门投资调整成本之间的功能对等

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摘要

Two types of adjustment cost specifications coexist in macroeconomic models with investment: intertemporal adjustment costs which involve a nonlinear substitution between capital and investment in capital accumulation, and multisectoral costs which are captured by a nonlinear transformation between consumption and investment. This paper demonstrates a functional equivalence between these two specifications. One surprising result is that an increase in multisectoral adjustment costs can be equivalent to a decrease in intertemporal adjustment costs, depending upon the size of the intertemporal costs. We then observe that the functional equivalence implies a problem in identifying the two types of adjustment costs and show ways to solve the problem.
机译：宏观经济模型与投资同时存在两种类型的调整成本规范：跨期调整成本，涉及资本和资本积累中的投资之间的非线性替代；多部门成本，其通过消费和投资之间的非线性转换来体现。本文演示了这两个规范之间的功能等效。一个令人惊讶的结果是，取决于跨期成本的大小，多部门调整成本的增加可以等同于跨期调整成本的减少。然后，我们观察到功能对等意味着确定两种调整成本类型时存在问题，并显示了解决问题的方法。

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