| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6420 |
| 来源ID | Working Paper 6420 |
| Nonlinear Aggregate Investment Dynamics: Theory and Evidence | |
| Ricardo J. Caballero; Eduardo M.R.A. Engel | |
| 发表日期 | 1998-02-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | In this paper we derive a model of aggregate investment that builds from the lumpy microeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of the standard sharp (S,s) bands, firms' adjustment policies take the form of a probability of adjustment (adjustment hazard) that responds smoothly to changes in firms' capacity gap. The model has appealing aggregation properties, and yields nonlinear aggregate time series processes. The passivity of normal times is, occasionally, more than offset by the brisk response to large accumulated shocks. Using within and out-of-sample criteria, we find that the model performs substantially better than the standard linear models of investment for postwar sectoral U.S. manufacturing equipment and structures investment data. |
| 主题 | Macroeconomics ; Consumption and Investment ; Microeconomics ; Behavioral Economics |
| URL | https://www.nber.org/papers/w6420 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563934 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Eduardo M.R.A. Engel. Nonlinear Aggregate Investment Dynamics: Theory and Evidence. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6420.pdf（2213KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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