Lumpy Investment, Business Cycles, and Stimulus Policy
研究了微观层面的块状投资在宏观层面的影响，发现实际利率的动态对解释投资对冲击的顺周期弹性至关重要，为政策制定者理解刺激政策效果提供了依据。
I study the aggregate implications of micro-level lumpy investment in a model consistent with the empirical dynamics of the real interest rate. The elasticity of aggregate investment with respect to shocks is procyclical because more firms are likely to make an extensive margin investment in expansions than in recessions. Matching the dynamics of the real interest rate is key to generating this result because it disciplines the interest-elasticity of investment and avoids counterfactual behavior of the model that would otherwise eliminate most of the procyclical responsiveness. Therefore, data on interest rates place important discipline in aggregating micro-level investment behavior.