Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model

被引：49

作者：

Bachmann, Ruediger

Caballero, Ricardo J. ^{[1
,2
]}

Engel, Eduardo M. R. A. ^{[2
,3
]}

机构：

[1] MIT, Dept Econ, Cambridge, MA 02142 USA

[2] Natl Bur Econ Res, Cambridge, MA 02138 USA

[3] Univ Chile, Dept Econ, Santiago, Chile

来源：

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS | 2013年 / 5卷 / 04期

关键词：

ADJUSTMENT; PLANT;

D O I：

10.1257/mac.5.4.29

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increases by approximately 50 percent from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, our model and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis.

引用

页码：29 / 67

页数：39

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[2]

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[3]

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[4]

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