delay in the response of the rate of inflation to a monetary shock. This paper shows that an optimizing monetary model with … endogenous capital, sticky prices, sticky wages, and adjustment costs of investment, can replicate a lag in the maximum response … of both output and inflation to an interest rate shock when taking into account a time-to-build requirement for …

therefore a particularly clean experiment to assess the macroeconomic relevance of any investment theory. Our results show that …Standard (S,s) models of lumpy investment allow us to match many aspects of the micro data, but it is well known that … the implied interest rate sensitivity of investment is unrealistically large. The monetary transmission mechanism is …

level to a temporary risk premium shock are larger and more persistent when the ZLB is binding. Our theoretical discussion …

hierbei wie folgt untersucht: Unterschiedliche Modellspezifikationen werden einem monetären Schock ausgesetzt, und es wird … geprüft, welche Anpassungsprozesse sich im Anschluss an einen monetären Schock beobachten lassen. Modellsimulationen geben …