Investment Dispersion and the Business Cycle
研究发现企业投资率的横截面离散度是顺周期的，与生产率、产出和就业增长的反周期离散度不同。通过校准的异质性企业模型，复制了这些事实，并发现生产率离散度的小冲击足以产生温和的顺周期投资离散度，但不会引发严重的经济周期。
The cross-sectional dispersion of firm-level investment rates is procyclical. This makes investment rates different from productivity, output, and employment growth, which have countercyclical dispersions. A calibrated heterogeneous-firm business cycle model with nonconvex capital adjustment costs and countercyclical dispersion of firm-level productivity shocks replicates these facts and produces a correlation between investment dispersion and aggregate output of 0.53, close to 0.45 in the data. We find that small shocks to the dispersion of productivity, which in the model constitutes firm risk, suffice to generate the mildly procyclical investment dispersion in the data but do not produce serious business cycles.