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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| 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 RePEc IDEAS Database information Databases - DBIS |