This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision- making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect busin ess cycles. Specifically, it is found through...

This paper empirically verifies that the types of capital adjustment costs serve as an important mechanism in relation to investment decision-making after confirming that the investment dispersion of Korean firms is pro-cyclical and can affect business cycles. Specifically, it is found through...

This paper examines the business cycle linkages that propagate industry-specific business cycle shocks throughout the economy in a way that (sometimes) generates aggregated cycles. The transmission of sectoral business cycles is modelled through a multivariate Markov-switching model, which is...