Obsolescence of Capital and Investment Spikes
研究了资本过时前景如何抑制投资，当技术进步放缓时投资尖峰出现，且技术进步波动越大尖峰越大，并用跨行业数据验证。
The prospect of capital obsolescence inhibits investment. Investors thus become more optimistic when the obsolescence of their capital slows down. We propose a model with no fixed costs of investment, and random technological progress that induces obsolescence of capital in place. Spikes occur precisely when technological progress slows down. Moreover, the more variable the progress, the larger are the spikes. Cross-industry data show that where price of capital declines are more variable, investment spikes are larger.