Aggregate Implications of Lumpy Investment: New Evidence and a DSGE Model
研究发现美国总体投资对冲击的敏感性在经济周期中呈顺周期性，从谷底到峰顶冲击响应增加约50%。一个包含微观资本调整非连续性的DSGE模型自然复现了这一特征，并反驳了微观投资非连续性对宏观分析无关紧要的观点。
The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increases by approximately 50 percent from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, our model and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis.