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Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics
In: Working papers 04,15
Inventories and the business cycle: an equilibrium analysis of (S,s) policies
In: Working papers 04,11
Nonconvex factor adjustments in equilibrium business cycle models: do nonlinearities matter?
In: Staff report 306
"Recent empirical analysis has found nonlinearities to be important in understanding aggregated investment. Using an equilibrium business cycle model, we search for aggregate nonlinearities arising from the introduction of nonconvex capital adjustment costs.We find that, while such costs lead to nontrivial nonlinearities in aggregate investment demand, equilibrium investment is effectively unchanged.Our finding, based on a model in which aggregate fluctuations arise through exogenous changes in total factor productivity, is robust to the introduction of shocks to the relative price of investment goods"--Federal Reserve Bank of Minneapolis web site
Comment on Long and Plosser meet Bewley and Lucas
In: Journal of Monetary Economics, Band 102, S. 93-95
Growth and risk-sharing with private information
In: Journal of Monetary Economics, Band 47, Heft 3, S. 499-521
Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
In: Journal of political economy, Band 121, Heft 6, S. 1055-1107
ISSN: 1537-534X
Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
In: NBER Working Paper No. w17311
SSRN
Inventories and the Business Cycle: An Equilibrium Analysis of (S, s) Policies
In: American economic review, Band 97, Heft 4, S. 1165-1188
ISSN: 1944-7981
We develop an equilibrium business cycle model where nonconvex delivery costs lead firms to follow (S, s) inventory policies. Calibrated to postwar US data, the model reproduces two-thirds of the cyclical variability of inventory investment. Moreover, it delivers strongly procyclical inventory investment, greater volatility in production than sales, and a countercyclical inventory-to-sales ratio. Our model challenges several prominent claims involving inventories, including the widely held belief that they amplify aggregate fluctuations. Despite the comovement between inventory investment and final sales, GDP volatility is essentially unaltered by inventory accumulation, because procyclical inventory investment diverts resources from final production, thereby dampening fluctuations in sales. (JEL E22, E32).
Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics
In: NBER Working Paper No. w12845
SSRN
Working paper
Nonconvex factor adjustments in equilibrium business cycle models: do nonlinearities matter?
In: Journal of Monetary Economics, Band 50, Heft 2, S. 331-360
Enduring Relationships in an Economy with Capital and Private Information
In: FRB St. Louis Working Paper No. 2020-34
SSRN
Working paper
Are data on industry evolution and gross job turnover relevant for macroeconomics?
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 44, S. 215-250
ISSN: 0167-2231
The Pitfalls of Monetary Discretion
In: FRB Richmond Working Paper No. 01-8
SSRN
Working paper