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Lumpy Gravy
(2016)
Lumpy Investment in Regulated Natural Gas Pipelines: An Application of the Theory of The Second Best
(Centro de Investigación y Docencia Económicas, 2011)
Lumpy Investment in Regulated Natural Gas Pipelines: An Application of the Theory of The Second Best
(Centro de Investigación y Docencia Económicas, 2011)
Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model
(AMER ECONOMIC ASSOC, 2013-10)
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 ...
Missing aggregate dynamics: on the slow convergence of lumpy adjustment models
(Universidad de Chile, Facultad de Economía y Negocios, 2015-11)
When microeconomic adjustment is lumpy, the VAR-estimated persistence of the corresponding
aggregated variable is downward biased. The extent of this bias decreases with the level of aggregation,
yet convergence is very ...
Investment decisions and capital accumulation: firm-level evidence from Brazil
(2018-04-27)
Using firm-level data from an administrative Brazilian dataset, I document a few stylized facts regarding capital stock accumulation patterns and investment decisions. Finding evidence largely in favor of micro-level ...
Three Strikes and You’re Out: Reply to Cooper and Willis
(The American Economic Association, 2004)
Cooper and Willis (2003) is the latest in a sequence of criticisms of our methodology for
estimating aggregate nonlinearities when microeconomic adjustment is lumpy. Their case is
based on “reproducing” our main findings ...
Explaining investment dynamics in U.S. manufacturing: a generalized (S; s) approach
(The Econometric Society, 1999)
In this paper we derive a model of aggregate investment that builds from the lumpymicroeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of theŽ.standard sharp S, s bands, firms’ adjustment ...