-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 …

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment ; countercyclical risk ; aggregate shocks …

question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital … effect of time-varying uncertainty, highlighted in the literature. -- Ss model ; RBC model ; lumpy investment …

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 …

uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment …We show that an increase in aggregate uncertainty - measured by stock market volatility - reduces productivity growth … difference-in-difference approach using productivity growth of 25 industries from 18 advanced economies over the period 1985 …