Aggregate Dynamics in Lumpy Economies

• 成果类型: Article
• 署名作者: Baley, Isaac; Blanco, Andres
• 署名单位: Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Michigan System; University of Michigan
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA17344
• 发表日期: 2021
• 页码: 1235-1264
• 关键词: monetary nonneutrality; INVESTMENT DYNAMICS; menu costs; adjustment; shocks; plant; irreversibility; PRODUCTIVITY; dispersion; inflation

摘要

How does an economy's capital respond to aggregate productivity shocks when firms make lumpy investments? We show that capital's transitional dynamics are structurally linked to two steady-state moments: the dispersion of capital to productivity ratios-an indicator of capital misallocation-and the covariance of capital to productivity ratios with the time elapsed since their last adjustment-an indicator of asymmetric costs of upsizing and downsizing the capital stock. We compute these two sufficient statistics using data on the size and frequency of investment of Chilean plants. The empirical values indicate significant effects of aggregate productivity shocks and favor investment models with a strong downsizing rigidity and random opportunities for free adjustments.