TY  - BOOK
AU  - Caplin,Andrew
AU  - Leahy,John
ED  - National Bureau of Economic Research.
TI  - The Economics of Adjustment
T2  - NBER working paper series
PY  - 1994///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - March 1994; Hardcopy version available to institutional subscribers
N2  - In this paper we argue that many topics in macroeconomics can be viewed as part of the broader theory of the economics of adjustment. We argue that existing approaches to the economics of adjustment take a very narrow view of the role of information.  We outline an approach to this topic that stresses the role of learning and information externalities, and discussed through examples how these concerns alter the qualitative nature of the adjustment process.  In particular, there appears to be a general bias towards the underprovision of information in a variety of settings which leads to inefficient adjustment
UR  - https://www.nber.org/papers/w4687
UR  - http://dx.doi.org/10.3386/w4687
ER  -