Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics
构建了一个考虑非凸调整成本的离散投资模型，发现工厂层面的投资不连续性在忽略要素供给时对总体动态影响显著，但在一般均衡中影响可忽略。
We study a model of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S, s) investment rules. We allow persistent heterogeneity in both capital and total factor productivity alongside low-level investments exempt from adjustment costs to develop the first model consistent with the cross-sectional distribution of establishment investment rates. Examining the implications of lumpy investment for aggregate dynamics in this setting, we find that they remain substantial when factor supply considerations are ignored, but are quantitatively irrelevant in general equilibrium. Copyright The Econometric Society 2008.