The Macroeconomics of Irreversibility

• 成果类型: Article
• 署名作者: Baley, Isaac; Blanco, Andres
• 署名单位: Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; Pompeu Fabra University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdag001
• 发表日期: 2026
• 关键词: optimal investment; lumpy investment; Credit shocks; uncertainty; price; DYNAMICS; models; plant; cycles; MARKET

摘要

We study aggregate capital dynamics in an investment model with idiosyncratic productivity shocks, fixed capital adjustment costs, and irreversibility driven by a wedge between capital purchase and resale prices. We derive sufficient statistics that capture the role of investment frictions in aggregate capital fluctuations, measure these statistics using investment microdata, and exploit them to discipline the capital price wedge. Irreversibility doubles the persistence of capital fluctuations and is crucial for reconciling micro-level investment behaviour with macroeconomic propagation.