| dc.contributor.author | Bachmann, Rüdiger | |
| dc.contributor.author | Caballero, Ricardo J. | |
| dc.contributor.author | Engel, Eduardo M. R. A. | |
| dc.date.accessioned | 2015-03-11T20:01:07Z | |
| dc.date.available | 2015-03-11T20:01:07Z | |
| dc.date.issued | 2013-10 | |
| dc.identifier.issn | 1945-7707 | |
| dc.identifier.issn | 1945-7715 | |
| dc.identifier.uri | http://hdl.handle.net/1721.1/95965 | |
| dc.description.abstract | The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increases by approximately 50 percent 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, our model and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis. | en_US |
| dc.description.sponsorship | National Science Foundation (U.S.) (SES 0550134) | en_US |
| dc.language.iso | en_US | |
| dc.publisher | American Economic Association | en_US |
| dc.relation.isversionof | http://dx.doi.org/10.1257/mac.5.4.29 | en_US |
| dc.rights | Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. | en_US |
| dc.source | American Economic Association | en_US |
| dc.title | Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model | en_US |
| dc.type | Article | en_US |
| dc.identifier.citation | Bachmann, Rüdiger, Ricardo J. Caballero, and Eduardo M. R. A. Engel. “ Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model.” American Economic Journal: Macroeconomics 5, no. 4 (October 2013): 29–67. © 2013 American Economic Association | en_US |
| dc.contributor.department | Massachusetts Institute of Technology. Department of Economics | en_US |
| dc.contributor.mitauthor | Caballero, Ricardo J. | en_US |
| dc.relation.journal | American Economic Journal: Macroeconomics | en_US |
| dc.eprint.version | Final published version | en_US |
| dc.type.uri | http://purl.org/eprint/type/JournalArticle | en_US |
| eprint.status | http://purl.org/eprint/status/PeerReviewed | en_US |
| dspace.orderedauthors | Bachmann, Rüdiger; Caballero, Ricardo J.; Engel, Eduardo M. R. A. | en_US |
| dc.identifier.orcid | https://orcid.org/0000-0003-2760-451X | |
| mit.license | PUBLISHER_POLICY | en_US |
| mit.metadata.status | Complete | |
