"We solve equilibrium models of lumpy investment wherein establishments face persistent shocks to common and plant …-specific productivity.Nonconvex adjustment costs lead plants to pursue generalized (S, s) rules with respect to capital; thus, their … investments are lumpy.In partial equilibrium, this yields substantial skewness and kurtosis in aggregate investment, though, with …

-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S,s) investment rules. We allow persistent …We study a model of lumpy investment wherein establishments face persistent shocks to common and plant … heterogeneity in both capital and total factor productivity alongside low-level investments exempt from adjustment costs to develop …

-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S,s) investment rules. They allow persistent …The authors study a model of lumpy investment wherein establishments face persistent shocks to common and plant … heterogeneity in both capital and total factor productivity alongside low-level investments exempt from adjustment costs to develop …