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The Macroeconomics of Specificity

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  • Ricardo J. Caballero
  • Mohamad L. Hammour

Abstract

Specific quasi-rents build up in a wide variety of economic relationships, and are exposed to opportunism unless fully protected by contract. The recognition that such contracts are often incomplete has yielded major insights into the organization of microeconomic exchange. Rent appropriation, we argue, also has important macroeconomic implications.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 106 (1998)
Issue (Month): 4 (August)
Pages: 724-767

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Handle: RePEc:ucp:jpolec:v:106:y:1998:i:4:p:724-767

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