IMPLEMENTATION CYCLES, INVESTMENT, AND GROWTH*
构建了一个由企业家和企业分散决策驱动的“内在”周期模型，表明当生产率改进的引入是内生的时，即使存在可逆投资和消费平滑，也会出现实施周期，其预测与美国衰退期间投资率和托宾Q的联合行为定性一致。
We develop a model of “intrinsic” cycles, driven by the decentralized behavior of entrepreneurs and firms making continuous, divisible improvements in their productivity. We show that when the introduction of productivity improvements is endogenous, implementation cycles arise even in the presence of reversible investment and consumption smoothing. The implied cyclical equilibrium is unique within its class and shares several features in common with actual business cycles. In particular, its predictions are qualitatively consistent with the joint behavior of the investment rate and Tobin's Q during U.S. recessions.