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| Author: | Caballero, R. Hammour, M. |
| Title: | The macroeconomics of specificity |
| Journal: | Journal of Political Economy
1998 : AUG, VOL. 106:4, p. 724-767 |
| Index terms: | POLITICAL ECONOMY MACROECONOMICS MARKETS |
| Language: | eng |
| Abstract: | Specific quasi rents arise in a variety of economic relationships and are exposed to opportunism unless fully protected by contract. Rent appropriation has important macroeconomic consequences. Resources are underutilized, factor markets are segmented, production suffers from technological "sclerosis", job creation and destruction are unbalanced, recessions are excessively sharp, and expansions run into bottlenecks. |
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