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Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

Aubhik Khan

Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics

by Aubhik Khan

  • 100 Want to read
  • 15 Currently reading

Published by National Bureau of Economic Research in Cambridge, Mass .
Written in English

    Subjects:
  • Business enterprises -- Economic aspects,
  • Investments

  • Edition Notes

    StatementAubhik Khan, Julia Thomas.
    SeriesNBER working paper series -- no. 12845., Working paper series (National Bureau of Economic Research) -- working paper no. 12845.
    ContributionsThomas, Julia K., National Bureau of Economic Research.
    The Physical Object
    Pagination39, [2] p. :
    Number of Pages39
    ID Numbers
    Open LibraryOL17632463M
    OCLC/WorldCa80213015

    Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics. While the presence of idiosyncratic shocks makes the time-averaged distribution of plant-level investment rates largely invariant to market-clearing movements in real wages and interest rates, we show that the dynamics of plants' investments Author: Aubhik Khan and Julia Thomas. While the aggregate implications of lumpy investment change substantially in equilibrium, the inclusion of fixed costs or idiosyncratic shocks makes the average distribution of plant investment rates largely invariant to market-clearing movements in real wages and interest rates.

    Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics. While the presence of idiosyncratic shocks makes the time-averaged distribution of plant-level investment rates largely invariant to market-clearing movements in real wages and interest rates, we show that the dynamics of plants' investments Author: Aubhik Khan and Julia K. Thomas. Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics. Working paper. By Aubhik Khan and Julia K. ThomasKhan and Julia K. Thomas. Abstract. The copyright to this Article is held by the Econometric Society. It may be downloaded, printed and reproduced only for educational or research purposes, including.

    Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics Aubhik Khan1 Federal Reserve Bank of Philadelphia Julia K. Thomas University of Minnesota Federal Reserve Bank of Minneapolis 18 August 1We thank John Leahy, Marcelo Veracierto, and participants at the Midwest Macro and SED meetings for. Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics by Julia K. Thomas & Aubhik Khan Inventories and the .


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Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics by Aubhik Khan Download PDF EPUB FB2

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics Aubhik Khan Research Dept., Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, PAby: Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics Aubhik Khan Federal Reserve Bank of Philadelphia Julia K.

Thomas∗ University of Minnesota and Federal Reserve Bank of Minneapolis June ABSTRACT We examine a model of lumpy investment wherein establishments face persistent shocks. Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics Aubhik Khan and Julia Thomas NBER Working Paper No.

January JEL No. E22,E32 ABSTRACT We study a model of lumpy investment wherein establishments face persistent shocks to Cited by: IDIOSYNCRATIC SHOCKS AND THE ROLE OF NONCONVEXITIES IN PLANT AND AGGREGATE INVESTMENT DYNAMICS BY AUBHIK KHAN AND JULIA K.

THOMAS1 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 (Ss) investment rules. explained by Caballero and Engel (), a large aggregate shock in such a setting may lead to a substantial change in the number of establishments undertaking capital adjustment.

This, in turn, implies a time-varying elasticity of aggregate investment demand with respect to shocks. The further claim is that such nonlinearities help explain the data. In response to the positive shock in pertheriseinthe lumpy investment model’s aggregate capital stock, 58 percent, is roughly the same as in the frictionless model, 59 percent.

aggregate capital stock falls by 37 percent in the frictionless model, but by only 20 percent in the lumpy investment model.

Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics Aubhik Khan Julia ∗ Federal Reserve Bank University of Minnesota and of Philadelphia Federal Reserve Bank of Minneapolis 18 August Abstract We solve equilibrium models of lumpy investment wherein establishments face persistent.

Title: Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics Created Date: Z. Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics. Downloads 60 (,) Citation 1 Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics.

FRB Minneapolis Staff Report No.FRB Philadelphia Working Paper No. Number of. Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics By Aubhik Khan and Julia K. ThomasCited by: IDIOSYNCRATIC SHOCKS AND THE ROLE OF NONCONVEXITIES IN PLANT AND AGGREGATE INVESTMENT DYNAMICS By Aubhik Khan and Julia K.

Thomas1 Econometrica, Vol. 76, No. 2 (March, ), We study a model of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity, and nonconvex adjustment costs lead them. "Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics," Meeting PapersSociety for Economic Dynamics.

Aubhik Khan & Julia K. Thomas, "Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics," Meeting PapersSociety for Economic Dynamics.

Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics Article in SSRN Electronic Journal February with 8 Reads How we measure 'reads'. "Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics," Staff ReportFederal Reserve Bank of Minneapolis.

Aubhik Khan & Julia K. Thomas, "Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics," Meeting PapersSociety for Economic Dynamics. Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics Aubhik Khan, Julia Thomas.

NBER Working Paper No. Issued in January NBER Program(s):Economic Fluctuations and Growth. We study a model of lumpy investment wherein establishments face persistent shocks to common and plant-specific productivity, and nonconvex Cited by: Plant-Level Adjustment and Aggregate Investment Dynamics THE EMPIRICAL INVESTMENT literature is full of disappointments.

From time to time waves of new ideas challenge the aggregate investment equation, but these challenges are rarely successful, and progress is, at best, slow.

There are serious theoretical obstacles, stemming mostly. Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics FRB Minneapolis Staff Report No.FRB Philadelphia Working Paper No. Number of pages: 48 Posted: 03 Oct Cited by: BibTeX @MISC{Khan_idiosyncraticshocks, author = {Aubhik Khan and Julia K.

Thomas and Khan and Julia K. Thomas}, title = {Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics.

Working paper}, year = {}}. Econometrica: MarVol Issue 2 Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics.

BibTeX @MISC{Khan04idiosyncraticshocks, author = {Aubhik Khan and Julia K. Thomas}, title = {Idiosyncratic Shocks and the Role of Nonconvexities in Plant and Aggregate Investment Dynamics}, year = {}}. Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics.

Examining the implications of lumpy investment for aggregate dynamics in this setting, the authors find that they remain substantial when factor supply considerations are ignored, but are quantitatively irrelevant in general equilibrium Author: Aubhik Khan and Julia K.

Thomas.While the aggregate implications of lumpy investment change substantially in equilibrium, the inclusion of fixed costs or idiosyncratic shocks yields an average distribution of plant investment rates that, in contrast, is largely unaffected by market-clearing movements in real wages and interest : Aubhik Khan and Julia K.

Thomas.Get this from a library! Idiosyncratic shocks and the role of nonconvexities in plant and aggregate investment dynamics.

[Aubhik Khan; Julia K Thomas; National Bureau of Economic Research.] -- "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).