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 …

market is more developed. We build a fully- edged neoclassical growth model with an endogenous financial market of credit … spending shocks, preference shocks) on aggregate output and investment, and why this volatility-reducing effect diminishes with … Moderation" and the simultaneously rising trends of dispersions in sales growth and stock returns for publicly traded firms …