Investment spikes: New facts and a general equilibrium exploration

被引：63

作者：

Gourio, Francois

Kashyap, Anil K.

机构：

[1] Boston Univ, Dept Econ, Boston, MA 02115 USA

[2] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

[3] Fed Reserve Bank Chicago, Chicago, IL USA

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

来源：

JOURNAL OF MONETARY ECONOMICS | 2007年 / 54卷

关键词：

adjustment costs; investment tax credit; fixed costs; extensive margin;

D O I：

10.1016/j.jmoneco.2007.06.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using plant-level data from Chile and the U.S., we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the "extensive margin") account for the bulk of variation in aggregate investment. The number of establishments undergoing investment spikes also has independent predictive power for aggregate investment, even controlling for past investment and sales. We re-calibrate the Thomas [2002. Is lumpy investment relevant for the business cycle. Journal of Political Economy, CX 508-534] model (that includes fixed costs of investing) so that it assigns a prominent role to extensive adjustment. The recalibrated model has different properties than the standard RBC model for some shocks. (C) 2007 Elsevier B.V. All rights reserved.

引用

页码：S1 / S22

页数：22

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