Aggregate dynamics in lumpy economies
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- dc.contributor.author Baley, Isaac
- dc.contributor.author Blanco, Andrés
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:32Z
- dc.date.available 2024-11-14T10:09:32Z
- dc.date.issued 2019-05-27
- dc.date.modified 2024-11-14T10:06:31Z
- dc.description.abstract In economies with lumpy microeconomic adjustment, we establish structural relationships between the dynamics of the cross-sectional distribution of agents and its steady-state counterpart and discipline these relationships using micro data. Applying our methodology to firm lumpy investment, we discover that the dynamics of aggregate capital are structurally linked to two cross-sectional moments of the capital-to-productivity ratio: its dispersion and its covariance with the time elapsed since the last adjustment. We compute these sufficient statistics using plant level data on the size and frequency of investments. We find that, in order to explain investment dynamics, the benchmark model with fixed adjustment costs must also feature a precise combination of irreversibility and random opportunities of free adjustment.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1670
- dc.identifier.citation Econometrica (Vol. 89, No. 3, May 2021)
- dc.identifier.uri http://hdl.handle.net/10230/44691
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1670
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword inaction
- dc.subject.keyword lumpiness
- dc.subject.keyword transitional dynamics
- dc.subject.keyword non convex adjustment costs
- dc.subject.keyword sufficient statistics
- dc.subject.keyword firm investment
- dc.subject.keyword adjustment hazard
- dc.subject.keyword ss models.
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Aggregate dynamics in lumpy economies
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper