Aggregate Implications of Lumpy Investment : New Evidence and a DSGE Model

The sensitivity of U.S. aggregate investment to shocks is procyclical: the response upon impact increases by approximately 50% from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, ourmodel and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis

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Year of publication:	2011
Authors:	Bachmann, Ruediger ; Caballero, Ricardo J. ; Engel, Eduardo
Publisher:	[S.l.] : SSRN
Subject:	Investition \| Investment \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Real-Business-Cycle-Theorie \| Real business cycle model \| Zeitreihenanalyse \| Time series analysis

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