Partial Adjustment without Apology

Robert King () and Julia Thomas

No 1999-E12, GSIA Working Papers from Carnegie Mellon University, Tepper School of Business

Abstract: Many kinds of economic behavior appear to be governed by discrete and occasional individual choices. Yet, econometric partial adjustment models perform well, though imperfectly, at the aggregate level. Analyzing the classic employment adjustment problem, we show why discrete and occasional microeconomic adjustment will be well described by a new form of the partial adjustment model that aggregates the actions of a large number of heterogenous producers. Moreover, in contrast to existing models of discrete adjustment, our generalized partial adjustment model is sufficiently tractable to allow extension to general equilibrium.

New Economics Papers: this item is included in nep-dge and nep-ind
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.tepper.cmu.edu/andrew/jkt/www/KingThomasSept00.pdf
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.tepper.cmu.edu/andrew/jkt/www/KingThomasSept00.pdf [301 Moved Permanently]--> https://tepper.cmu.edu/andrew/jkt/www/KingThomasSept00.pdf)

Related works:
Journal Article: PARTIAL ADJUSTMENT WITHOUT APOLOGY (2006)
Working Paper: Partial Adjustment without Apology (2005)
Working Paper: Partial adjustment without apology (2004)
Working Paper: Partial Adjustment without Apology (2003)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cmu:gsiawp:277

Ordering information: This working paper can be ordered from
https://student-3k.t ... /gsiadoc/GSIA_WP.asp

Access Statistics for this paper

More papers in GSIA Working Papers from Carnegie Mellon University, Tepper School of Business Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890.
Bibliographic data for series maintained by Steve Spear ().