Irreversibility and Aggregate Investment
建立并求解了一个序贯不可逆投资模型，说明微观层面的不可逆性和异质性不确定性如何使总合投资动态变得平滑，以匹配美国数据。
Investment is often irreversible: once installed, capital has little or no value unless used in production. This paper proposes and solves a model of sequential irreversible investment and characterizes the aggregate implications of macroeconomic irreversibility and idiosyncratic uncertainty. If a large amount of idiosyncratic uncertainty is allowed for, the distributional dynamics induced by the nonlinear character of irreversible investment policies are capable of smoothing the dynamics of aggregate investment (relative to those of its forcing processes) to the extent required by U.S. data. Copyright 1994 by The Review of Economic Studies Limited.