| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16861 |
| 来源ID | Working Paper 16861 |
| Investment Dispersion and the Business Cycle | |
| Rüdiger Bachmann; Christian Bayer | |
| 发表日期 | 2011-03-03 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We document a new business cycle fact: the cross-sectional standard deviation of firm-level investment (investment dispersion) is robustly and significantly procyclical. This makes investment dispersion different from the dispersion of productivity and output growth, which is countercyclical. Investment dispersion is more procyclical in the goods-producing sectors, for smaller firms and for structures. We show that a heterogeneous-firm real business cycle model with countercyclical idiosyncratic firm risk and non-convex adjustment costs calibrated to match moments of the long-run investment rate distribution, produces a time series correlation coefficient between investment dispersion and aggregate output of 0.58, close to the 0.45 in the data. We argue, more generally, that cross-sectional business cycle dynamics impose tight empirical restrictions on the physical environments and the structural parameters of heterogeneous-firm models. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles |
| URL | https://www.nber.org/papers/w16861 |
| 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/574535 |
| 推荐引用方式 GB/T 7714 | Rüdiger Bachmann,Christian Bayer. Investment Dispersion and the Business Cycle. 2011. |
| 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 | ||
| w16861.pdf（245KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
