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| Author: | Veracierto, M.L. |
| Title: | Plant-level irreversible investment and equilibrium business cycles |
| Journal: | American Economic Review
2002 : MAR, VOL. 92:1, p. 181-197 |
| Index terms: | BUSINESS CYCLES EQUILIBRIUM ANALYSIS INVESTMENT |
| Freeterms: | IRREVERSIBILITY |
| Language: | eng |
| Abstract: | This paper evaluates the importance of microeconomic irreversibilities for aggregate dynamics using a real-business-cycle (RBC) model characterized by investment irreversibilities at the establishment level. The main finding is that investment irreversibilites do not play a significant role in an otherwise standard real-business-cycle model. |
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