The Market for Used Capital: Endogenous Irreversibility and Reallocation over the Business Cycle
研究了二手资本品市场的商业周期动态及其对宏观经济的影响，发现资本重新配置和二手资本价格均呈顺周期性，并构建模型解释这一现象。
This paper studies the business-cycle dynamics of secondary markets for physical capital and their effects on the macroeconomy. In the data, both capital reallocation and the price of used capital are procyclical. To rationalize these facts, I propose a model with endogenous partial irreversibility, where used investment goods are imperfect substitutes for new ones because of firm-level capital specificity. Equilibrium dynamics in the market for used capital induce countercyclical dispersion of marginal products of capital, propagate movements in aggregate TFP, and provide a microfoundation for state-dependent nonconvex capital adjustment costs.