Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics
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We study a model of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity, and nonconvex adjustment costs lead them to pursue generalized (S,s) investment rules. We allow persistent heterogeneity in both capital and total factor productivity
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美国国家经济研究局创建时间：
2007-01-01
