Lumpy Investment, Lumpy Inventories

被引：6

作者：

Bachmann, Rudiger ^{[1
,2
,3
]}

Ma, Lin ^{[4
]}

机构：

[1] Univ Notre Dame, Notre Dame, IN 46556 USA

[2] CESifo, CEPR, Munich, Germany

[3] Ifo, Munich, Germany

[4] Natl Univ Singapore, Singapore 117548, Singapore

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2016年 / 48卷 / 05期

关键词：

general equilibrium; lumpy investment; inventories; heterogeneous firms; two-sector model; BUSINESS-CYCLE; DYNAMICS; COSTS; PLANT;

D O I：

10.1111/jmcb.12319

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The link between the microenvironment (frictions and heterogeneity) and the macroeconomic dynamics of general equilibrium macromodels is influenced by exactly how general equilibrium closes the model. We make this observation concrete using the recent literature on how nonconvex capital adjustment costs influence aggregate investment dynamics. We introduce inventories into a two-sector lumpy investment model and find that nonconvex capital adjustment costs dampen and propagate investment impulse responses, more so than without inventories. With two means of transferring consumption into the future, fixed capital and inventories, the tight link between aggregate saving and fixed capital investment is broken.

引用

页码：821 / 855

页数：35

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