The Macroeconomics of Irreversibility
研究了不可逆性如何影响总体资本波动，发现不可逆性使资本波动的持续性加倍，并有助于协调微观投资行为与宏观传导。
Abstract We study aggregate capital dynamics in an investment model with idiosyncratic productivity shocks, fixed capital adjustment costs, and irreversibility driven by a wedge between capital purchase and resale prices. We derive sufficient statistics that capture the role of investment frictions in aggregate capital fluctuations, measure these statistics using investment microdata, and exploit them to discipline the capital price wedge. Irreversibility doubles the persistence of capital fluctuations and is crucial for reconciling micro-level investment behaviour with macroeconomic propagation.