Capital Adjustment Patterns in Manufacturing Plants

摘要: Abstract A common result from altering several fundamental assumptions of the neoclassical investment model with convex adjustment costs is that may occur in lumpy episodes. This paper takes a step back and asks “How investment?” We answer this question by documenting distributions capital for sample over 13,700 manufacturing plants drawn 300 four-digit industries. find many do undergo large episodes; however, there tremendous variation across their accumulation patterns. explores how patterns vary observable plant firm characteristics, episodes at level transmit into fluctuations aggregate investment.Journal Economic LiteratureClassification Numbers: D24, L6, E22.