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来源类型Working Paper
规范类型报告
DOI10.3386/w13157
来源IDWorking Paper 13157
Investment Spikes: New Facts and a General Equilibrium Exploration
Francois Gourio; Anil K. Kashyap
发表日期2007-06-07
出版年2007
语种英语
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) 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.
主题Macroeconomics ; Consumption and Investment ; Business Cycles
URLhttps://www.nber.org/papers/w13157
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/570826
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Francois Gourio,Anil K. Kashyap. Investment Spikes: New Facts and a General Equilibrium Exploration. 2007.
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