Revistas Académicas WoS

Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model

The sensitivity of U.S. aggregate investment to shocks is procyclical: the response upon impact increases by approximately 50% from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, ourmodel and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis.

http://www.aeaweb.org/articles.php?doi=10.1257/mac.5.4.29

AMERICAN ECONOMIC JOURNAL-MACROECONOMICS, 2013
Autor(es): Engel Eduardo, Bachmann B, Caballero Ricardo