Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical or even … countercyclical. This article reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of stylized facts about capital reallocation for the United States and an …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …

Why is capital reallocation across firms procyclical and more volatile than investment? To answer the question, this … they are subject to partial capital irreversibility and financing constraints. Partial capital irreversibility generates …

capital, which is highly correlated with market valuation and bears no consistent relation to measures of productivity … dispersion. Reallocation of unbundled capital, on the contrary, is countercyclical and highly correlated with dispersion in … of investment featuring two distinct used-capital markets and a sentiment component. In equilibrium, unbundled capital is …

We characterize efficiency in an equilibrium model of investment and capital reallocation with heterogeneous firms … resale price of capital affects collateral constraints, and distributive externalities, because buyers of old capital are …-equilibrium price of old capital is inefficiently high, because the distributive pecuniary externality exceeds the collateral …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …