Investment spikes: New facts and a general equilibrium exploration

• 成果类型: Article
• 署名作者: Gourio, Francois; Kashyap, Anil K.
• 署名单位: Boston University; University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.06.004
• 发表日期: 2007
• 页码: S1-S22
• 关键词: adjustment costs; investment tax credit; fixed costs; Extensive margin

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.