Fixed costs and long-lived investments

• 成果类型: Article
• 署名作者: House, Christopher L.
• 署名单位: University of Michigan System; University of Michigan; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.07.011
• 发表日期: 2014
• 页码: 86-100
• 关键词: fixed costs; aggregation; Irrelevance; Elasticity of investment demand

摘要

Fixed costs models are difficult to analyze because they feature non-degenerate, timevarying distributions of capital across firms. If investments are sufficiently long-lived however then the cross-sectional distribution of capital holdings has virtually no bearing on the equilibrium and the aggregate behavior of fixed-cost models is essentially identical to neoclassical models. The findings are due to a near infinite elasticity of investment timing for long-lived investments - a feature shared by fixed-cost models and neoclassical models. Irrelevance results found in numerical studies of fixed-cost models are not parametric special cases but instead are fundamental properties of models with long-lived investment goods. (C) 2014 Elsevier B.V. All rights reserved.