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Investment spikes : new facts and a general equilibrium exploration

Author: Francois Gourio; A K Kashyap; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13157.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Francois Gourio; A K Kashyap; National Bureau of Economic Research.
OCLC Number: 143607885
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13157.
Responsibility: Francois Gourio, Anil K. Kashyap.

Abstract:

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.

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