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Missing aggregate dynamics : on the slow convergence of lumpy adjustment models
Berger, David; Caballero, Ricardo J.; Engel, Eduardo - 2015
Persistent link: https://www.econbiz.de/10011577984
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Missing aggregate dynamics : on the slow convergence of lumpy adjustment models
Berger, David; Caballero, Ricardo J.; Engel, Eduardo - 2017
Persistent link: https://www.econbiz.de/10011776554
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Lumpy Investment in Dynamic General Equilibrium
Bachmann, Ruediger; Engel, Eduardo M. R. A.; Caballero, … - 2006
-2000 sample, the initial response of investment to a productivity shock with responses in the top quartile is 60% higher than the … shock. Conversely, a slowdown after a boom can lead to a long lasting investment slump, which is unresponsive to policy … smoothing in the investment response to aggregate shocks. The remaining 40% is explained by general equilibrium forces. The …
Persistent link: https://www.econbiz.de/10014057432
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Aggregate Implications of Lumpy Investment : New Evidence and a DSGE Model
Bachmann, Ruediger - 2010
The sensitivity of U.S. aggregate investment to shocks is procyclical: the initial response increases by approximately … counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis …
Persistent link: https://www.econbiz.de/10012761267
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Aggregate Implications of Lumpy Investment : New Evidence and a DSGE Model
Bachmann, Ruediger - 2006
The sensitivity of U.S. aggregate investment to shocks is procyclical: the initial response increases by approximately … counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis …
Persistent link: https://www.econbiz.de/10012466329
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Aggregate Implications of Lumpy Investment : New Evidence and a DSGE Model
Bachmann, Ruediger; Caballero, Ricardo J.; Engel, … - 2011
The sensitivity of U.S. aggregate investment to shocks is procyclical: the response upon impact increases by … a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis …
Persistent link: https://www.econbiz.de/10014217331
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The Safety Trap
Caballero, Ricardo J. - 2016
In this paper we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a deflationary safety trap equilibrium with high risk premia. It is an acute form of a liquidity trap, in which the shortage of a specific form of assets, safe...
Persistent link: https://www.econbiz.de/10013006687
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The Safety Trap
Caballero, Ricardo J. - 2014
In this paper we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a deflationary safety trap equilibrium with endogenous risk premia. It is an acute form of a liquidity trap, in which the shortage of a specific form of assets,...
Persistent link: https://www.econbiz.de/10013058249
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The Safety Trap
Caballero, Ricardo J. - 2014
In this paper we provide a model of the macroeconomic implications of safe asset shortages. In particular, we discuss the emergence of a deflationary safety trap equilibrium with endogenous risk premia. It is an acute form of a liquidity trap, in which the shortage of a specific form of assets,...
Persistent link: https://www.econbiz.de/10012458738
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Adjustment is much slower than you think
Caballero, Ricardo J.; Engel, Eduardo - 2003
holds for the microeconomic response of some of the most important economic variables, such as investment, labor demand, and … actual response to shocks is less than half as fast as the estimated response. For investment, labor demand and prices, the …, even after aggregating investment across all establishments in U.S. manufacturing, the estimate of its speed of adjustment …
Persistent link: https://www.econbiz.de/10011609531