'Wait-and-See' business cycles?
成果类型：
Article
署名作者：
Bachmann, Rudiger; Bayer, Christian
署名单位：
RWTH Aachen University; University of Bonn
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2013.05.005
发表日期：
2013
页码：
704-719
关键词：
摘要：
Are shocks to firms' profitability risk, propagated by physical capital adjustment costs, a major source of business cycle fluctuations? This paper studies this question using a heterogeneous-firm dynamic stochastic general equilibrium model, where firms face fixed capital adjustment costs. Surprise increases in idiosyncratic risk lead firms to adopt a 'wait-and-see' policy for investment. The model is calibrated using a German firm-level data set with broader coverage than comparable U.S. data sets. The main result is that time-varying firm-level risk through 'wait-and-see' dynamics is unlikely a major source of business cycle fluctuations. (C) 2013 Elsevier B.V. All rights reserved.
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