Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model
The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increases by approximately 50 percent 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 expl...
| Main Authors: | , , |
|---|---|
| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
American Economic Association,
2015-03-11T20:01:07Z.
|
| Subjects: | |
| Online Access: | Get fulltext |