Schmitt-Grohé, Stephanie; Uribe, Martín - 2008
: (1) Precautionary investment: investment in solving the Y2K problem begins before the year 2000; (2) Investment delay …: although economic agents have been aware of the Y2K problem since the 1960s, investment did not begin until recently; (3 …) Investment acceleration: as the new millennium approaches, the amount of resources allocated to solving the Y2K problem increases …