By using an extensive panel data set of Italian firms, we show empirically that the fraction of firms that engage in a lumpy investment follows a non-normal, double-exponential distribution across region-year. We propose a simple sectoral model that generates the double-exponential distribution...

We investigate retailers' price-setting behavior using a unique dataset containing by-the-second records of prices offered by closely competing retailers on a major Japanese price-comparison website. First, we find that, when the average price of a product across retailers falls rapidly, the...

This paper demonstrates that the interactions of firm-level indivisible investments give rise to aggregate fluctuations without aggregate exogenous shocks. I develop a method to derive the distribution of the aggregate capital growth rate by embedding a fictitious tatonnement in a branching...

This study investigates the impact of management style on research performance in science. If a managerial role is played by a leading scientist in the research team, that is considered management-research integration. If not, we consider that management and research are separated. We found that...

This paper quantifies the effect of time-varying employment risks on the fluctuations of aggregate consumption in a dynamic general equilibrium with incomplete markets. A government's redistribution policy through provision of unemployment insurance can cause a positive correlation between...