On the nature of capital adjustment costs

被引：443

作者：

Cooper, RW ^{[1
]}

Haltiwanger, JC

机构：

[1] Univ Texas, Austin, TX 78712 USA

[2] Univ Maryland, College Pk, MD 20742 USA

来源：

REVIEW OF ECONOMIC STUDIES | 2006年 / 73卷 / 03期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1111/j.1467-937X.2006.00389.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the nature of capital adjustment at the plant level. We use an indirect inference procedure to estimate the structural parameters of a rich specification of capital adjustment costs. In effect, the parameters are optimally chosen to reproduce a set of moments that capture the non-linear relationship between investment and profitability found in plant-level data. Our findings indicate that a model, which mixes both convex and non-convex adjustment costs, fits the data best.

引用

页码：611 / 633

页数：23

共 33 条

[11] Machine replacement and the business cycle: Lumps and bumps [J].