Estimating Investment Rigidity within a Threshold Regression Framework: The Case of U.S. Hog Production Sector
使用阈值回归方法，利用1970-2002年季度数据估计美国生猪生产部门准固定投入（以母猪为代理变量）的投资需求方程，发现存在三个投资刚性区间，证实了资产固定性，对估计生猪供给和可变投入需求有参考价值。
This article addresses the issues of investment/disinvestment asymmetry and a possible existence of a sluggish regime in the demand for a quasi‐fixed input in the U.S. hog production sector. Adopting a new threshold estimation procedure, quarterly data from 1970 through 2002 are used to estimate a regime‐dependent investment demand equation for a quasi‐fixed input, taking sows as a proxy. The results support the existence of three regimes over alternative specifications precluding the sluggish regime, confirming the existence of asset fixity in hog production. The results also highlight the importance of accounting for investment rigidity when estimating hog supply and variable input demands.