haku: @author Haltiwanger, J. / yhteensä: 7
viite: 2 / 7
| Tekijä: | Cooper, R. Haltiwanger, J. Power, L. |
| Otsikko: | Machine replacement and the business cycle: lumps and bumps |
| Lehti: | American Economic Review
1999 : SEP, VOL. 89:4, p. 921-946 |
| Asiasana: | ECONOMICS BUSINESS CYCLES USA |
| Kieli: | eng |
| Tiivistelmä: | This paper explores investment fluctuations due to discrete changes in a plant's capital stock. The resulting aggregate investment dynamics are surprisingly rich, reflecting the interaction between a replacement cycle, the cross-sectional distribution of the age of the capital stock, and an aggregate shock. Using plant-level data, lumpy investment is procyclical and more likely for older capital. Further, the predicted path of aggregate investment that neglects vintage effects tracks actual aggregate investment reasonably well. |
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