Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model

• 成果类型: Article
• 署名作者: Bachmann, Ruediger; Caballero, Ricardo J.; Engel, Eduardo M. R. A.
• 署名单位: Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Universidad de Chile
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.5.4.29
• 发表日期: 2013
• 页码: 29-67
• 关键词: adjustment; plant

摘要

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 from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, our model and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis.