Hayashi Meets Kiyotaki and Moore: A Theory of Capital Adjustment

Firm-level investment is lumpy and volatile but aggregate investment is much smoother and highly serially correlated. These different patterns of investment behavior have been viewed as indicating convex adjustment costs at the aggregate level but non-convex adjustment costs at the firm level. This...

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Bibliographic details
Volume: 15
Main Author: Wen, Yi
Wang, Pengfei
Format: Journal Article
Language: English
Place of publication: Elsevier for the Society for Economic Dynamics 2012
published in: Review of Economic Dynamics Vol. 15; no. 2; pp. 207 - 225
Data of publication: 2012
Series: Review of Economic Dynamics
Subjects:
Online Access: available in Bonn?
Database: RePEc
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