Investment spikes: new facts and a general equilibrium exploration
Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the "extensive margin") account for the bulk of variation in aggregate investment. The number of esta...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2007
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13157 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the "extensive margin") account for the bulk of variation in aggregate investment. The number of establishments undergoing investment spikes also has independent predictive power for aggregate investment, even controlling for past investment and sales. We re-calibrate the Thomas (2002) model (that includes fixed costs of investing) so that it assigns a prominent role to extensive adjustment. The recalibrated model has different properties than the standard RBC model for some shocks. |
| Beschreibung: | Literaturverz. S. 20 - 22 |
| Beschreibung: | 46 S. graph. Darst. 22 cm |
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| 245 | 1 | 0 | |a Investment spikes |b new facts and a general equilibrium exploration |c Francois Gourio ; Anil K. Kashyap |
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| 520 | 8 | |a Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the "extensive margin") account for the bulk of variation in aggregate investment. The number of establishments undergoing investment spikes also has independent predictive power for aggregate investment, even controlling for past investment and sales. We re-calibrate the Thomas (2002) model (that includes fixed costs of investing) so that it assigns a prominent role to extensive adjustment. The recalibrated model has different properties than the standard RBC model for some shocks. | |
| 700 | 1 | |a Kashyap, Anil K. |e Verfasser |0 (DE-588)121054780 |4 aut | |
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| index_date | 2024-07-02T22:41:31Z |
| indexdate | 2024-07-09T21:25:14Z |
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| spelling | Gourio, François 1978- Verfasser (DE-588)133433447 aut Investment spikes new facts and a general equilibrium exploration Francois Gourio ; Anil K. Kashyap Cambridge, Mass. National Bureau of Economic Research 2007 46 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13157 Literaturverz. S. 20 - 22 Using plant-level data from Chile and the U.S. we show that investment spikes are highly pro-cyclical, so much so that changes in the number of establishments undergoing investment spikes (the "extensive margin") account for the bulk of variation in aggregate investment. The number of establishments undergoing investment spikes also has independent predictive power for aggregate investment, even controlling for past investment and sales. We re-calibrate the Thomas (2002) model (that includes fixed costs of investing) so that it assigns a prominent role to extensive adjustment. The recalibrated model has different properties than the standard RBC model for some shocks. Kashyap, Anil K. Verfasser (DE-588)121054780 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13157 (DE-604)BV002801238 13157 http://papers.nber.org/papers/w13157.pdf kostenfrei Volltext |
| spellingShingle | Gourio, François 1978- Kashyap, Anil K. Investment spikes new facts and a general equilibrium exploration |
| title | Investment spikes new facts and a general equilibrium exploration |
| title_auth | Investment spikes new facts and a general equilibrium exploration |
| title_exact_search | Investment spikes new facts and a general equilibrium exploration |
| title_exact_search_txtP | Investment spikes new facts and a general equilibrium exploration |
| title_full | Investment spikes new facts and a general equilibrium exploration Francois Gourio ; Anil K. Kashyap |
| title_fullStr | Investment spikes new facts and a general equilibrium exploration Francois Gourio ; Anil K. Kashyap |
| title_full_unstemmed | Investment spikes new facts and a general equilibrium exploration Francois Gourio ; Anil K. Kashyap |
| title_short | Investment spikes |
| title_sort | investment spikes new facts and a general equilibrium exploration |
| title_sub | new facts and a general equilibrium exploration |
| url | http://papers.nber.org/papers/w13157.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT gouriofrancois investmentspikesnewfactsandageneralequilibriumexploration AT kashyapanilk investmentspikesnewfactsandageneralequilibriumexploration |