Costs of Adjustment, the Aggregation Problem and Investment
研究用代表性企业模拟异质企业群体投资决策时，不当加总导致资本存量对资本使用成本不敏感、对冲击反应过慢，解释了现有投资方程的特征。
This paper looks at the empirical consequences of inappropriately using a representative firm to mimic the aggregate investment decisions of a group of heterogeneous firms faced with costs of adjusting capital inputs. Improper aggregation generates a bias with two important consequences: (1) an apparent insensitivity of the aggregate capital stock to the user cost of capital and (2) predicted responses of the capital stock to shocks that are considerably slower than observed. Both of these consequences are features of available investment equations. Copyright 1992 by MIT Press.