Comparative Statics With Adjustment Costs and the Le Chatelier Principle

IF 6.6 1区经济学 Q1 ECONOMICS

Econometrica Pub Date : 2025-03-29 DOI:10.3982/ECTA22841

Eddie Dekel, John K.-H. Quah, Ludvig Sinander

引用次数: 0

Abstract

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.

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我们为有调整成本的模型提出了一种单调比较静态理论。我们表明，在目标函数的通常序互补性假设下，只需对成本作很少的假设：只需一个温和的单调性条件，就可以得出比较静态结论。我们利用这一洞察力证明了一般的勒沙特利埃原理：在序互补性假设下，如果短期调整受单调成本的影响，那么对冲击的长期响应大于短期响应。我们将这些结果扩展到随时间调整的完全动态模型：勒沙特列尔原理仍然有效，而且在稍强的假设条件下，最优调整遵循单调路径。我们将结果应用于储蓄、生产、定价、劳动力供给和投资模型。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Econometrica 社会科学-数学跨学科应用

CiteScore

11.00

自引率

3.30%

发文量

审稿时长

6-12 weeks

期刊介绍： Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.