Lumpy Investment, Lumpy Inventories
研究非凸资本调整成本如何影响总投资动态，发现引入库存后，这种成本对投资脉冲响应的抑制和传导作用更强，且打破了总储蓄与固定资本投资之间的紧密联系。
The link between the microenvironment (frictions and heterogeneity) and the macroeconomic dynamics of general equilibrium macromodels is influenced by exactly how general equilibrium closes the model. We make this observation concrete using the recent literature on how nonconvex capital adjustment costs influence aggregate investment dynamics. We introduce inventories into a two‐sector lumpy investment model and find that nonconvex capital adjustment costs dampen and propagate investment impulse responses, more so than without inventories. With two means of transferring consumption into the future, fixed capital and inventories, the tight link between aggregate saving and fixed capital investment is broken.