Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach
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In this paper we derive a model of aggregate investment that builds from the lumpy microeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of the standard (S,s) bands, firms' optimal adjustment policies are probabilistic, with a probability of adjusting (adjustment hazard)
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美国国家经济研究局创建时间：
1994-10-01
