| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w17924
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| 来源ID | Working Paper 17924
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| Lumpy Investment, Lumpy Inventories |
| Rüdiger Bachmann; Lin Ma
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| 发表日期 | 2012-03-23
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| 出版年 | 2012
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| 语种 | 英语
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| 摘要 | How do microeconomic frictions and microeconomic heterogeneity affect macroeconomic dynamics? We revisit the recent claim in the literature that nonconvex capital adjustment costs do not matter for aggregate dynamics. We argue that the neutrality of fixed adjustment frictions in general equilibrium hinges on the assumption of capital good homogeneity. With only one type of capital good to save and invest in, fixed capital investment dynamics are tightly linked to consumption dynamics, which are similar across lumpy and frictionless investment models. With capital goods heterogeneity, households optimally substitute between different ways of saving, which renders their consumption/saving decisions more sensitive to capital adjustment frictions. We quantify our arguments by introducing inventories into a two-sector lumpy investment model. We find that with inventories, frictionless fixed capital adjustment leads to an initial response of fixed capital investment to productivity shocks that is 50% higher than with capital adjustment frictions, calibrated to the fraction of plants undergoing lumpy investment episodes. We argue more generally that the details of how general equilibrium is introduced into the physical environment of a model matters for the aggregate relevance of microeconomic frictions and microeconomic heterogeneity. |
| 主题 | Macroeconomics
; Consumption and Investment
; Business Cycles
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| URL | https://www.nber.org/papers/w17924
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575602
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推荐引用方式
GB/T 7714 |
Rüdiger Bachmann,Lin Ma. Lumpy Investment, Lumpy Inventories. 2012.
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文件名：
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w17924.pdf
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格式：
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Adobe PDF
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