Lumpiness,capital adjustment costs and investment dynamics |
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| Authors: | Giuseppe Fiori |
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| Affiliation: | 1. Banca d''Italia Ufficio Studi, via Nazionale 91, 00184 Roma, Italy;2. Universidade de São Paulo - FEA Departamento de Economia, Avenida Prof. Luciano Gualberto, 908 - Prédio FEA 2 - CEP 05508-090 Cidade Universitária - São Paulo - SP, Brazil |
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| Abstract: | Aggregate investment in the US economy displays a hump-shaped pattern in response to shocks, and the autocorrelation of aggregate investment growth is positive for the first few quarters, turning negative for the later quarters. This paper shows that this feature of the data is the natural outcome of a two-sector consumption/investment model designed and calibrated to reproduce plant-level evidence on capital accumulation. |
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