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The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
-level investment is procyclical. We show that a heterogeneous-firm RBC model with quantitatively realistic countercyclically disperse … state investment rate distribution, produces investment dispersion that positively comoves with the cycle, with a …-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks ; heterogeneous firms …
Persistent link: https://www.econbiz.de/10003888063
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Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …
Persistent link: https://www.econbiz.de/10003898815
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Firm-specific productivity risk over the business cycle : facts and aggregate implications
Bachmann, Ruediger; Bayer, Christian - 2009
effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …
Persistent link: https://www.econbiz.de/10003857672
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The cross-section of firms over the business cycle : new facts and a DSGE exploration
Bachmann, Ruediger; Bayer, Christian - 2009
of firm-level investment is procyclical. We show that a heterogeneousfirm RBC model with quantitatively realistic … of the steady state investment rate distribution, produces investment dispersion that positively comoves with the cycle … ; cross-sectional firm dynamics ; lumpy investment ; countercyclical risk ; aggregate shocks ; idiosyncratic shocks …
Persistent link: https://www.econbiz.de/10003857682
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Explaining the recent slump in investment : the role of expected demand and uncertainty
Bussière, Matthieu; Ferrara, Laurent; Milovich, … - 2015
Persistent link: https://www.econbiz.de/10011566588
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Shock persistence, uncertainty and news-driven business cycles
Lee, Kevin; Shields, Kalvinder; Turnip, Guido - 2022
This paper considers the macroeconomic effects of shocks with different persistence properties identified from surveys of expectations. Using a GARCH-in-Mean model for the US, we present persistence profiles to illustrate how news about events occurring over different time frames plays different...
Persistent link: https://www.econbiz.de/10013290119
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Countercyclical endogenous uncertainty shocks, efficiency wages and procyclical precautionary labor productivity
Grandmont, Jean-Michel - 2017
Persistent link: https://www.econbiz.de/10012196341
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Countercyclical endogenous uncertainty shocks, efficiency wages and procyclical precautionary labor productivity
Grandmont, Jean-Michel - 2017 - Revised October 2017
Persistent link: https://www.econbiz.de/10011774730
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Shock persistence, uncertainty and news-driven business cycles
Lee, Kevin; Shields, Kalvinder K.; Turnip, Guido - 2022
Persistent link: https://www.econbiz.de/10013465756
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A Markup Interpretation of Optimal Rules for Irreversible Investment
Dixit, Avinash - 2008
We re-examine the basic investment problem of deciding when to incur a sunk cost to obtain a stochastically fluctuating … benefit. The optimal investment rule satisfies a trade-off between a larger versus a later net benefit; we show that this … demand curve. We reinterpret the optimal investment rule as a markup formula involving an elasticity that has exactly the …
Persistent link: https://www.econbiz.de/10012774956