Plant-Level Irreversible Investment and Equilibrium Business Cycles
在一个标准真实经济周期模型中引入工厂层面的投资不可逆性，发现虽然不可逆性对工厂层面动态至关重要，但对总体经济波动影响甚微。
This paper evaluates the importance of microeconomic irreversibilities for aggregate dynamics using a real-business-cycle (RBC) model characterized by investment irreversibilities at the establishment level. The main finding is that investment irreversibilities do not play a significant role in an otherwise standard real-business-cycle model: Even though investment irreversibilities are crucial for establishment-level dynamics, aggregate fluctuations are basically the same under fully flexible or completely irreversible investment.