| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28017 |
| 来源ID | Working Paper 28017 |
| Obsolescence of Capital and Investment Spikes | |
| Arthur Fishman; Boyan Jovanovic | |
| 发表日期 | 2020-11-02 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that induces obsolescence of capital in place. Spikes occur precisely when technological progress slows down. Moreover, the more variable the progress, the larger are the spikes. Cross-industry data show that where price of capital declines are more variable, investment spikes are larger. |
| 主题 | Industrial Organization |
| URL | https://www.nber.org/papers/w28017 |
| 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/585690 |
| 推荐引用方式 GB/T 7714 | Arthur Fishman,Boyan Jovanovic. Obsolescence of Capital and Investment Spikes. 2020. |
| 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 | ||
| w28017.pdf（675KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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