Replication data for: The Market for Used Capital: Endogenous Irreversibility and Reallocation over the Business Cycle
Principal Investigator(s): View help for Principal Investigator(s) Andrea Lanteri
Version: View help for Version V1
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| data | 10/12/2019 05:45:AM | ||
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text/plain | 14.6 KB | 10/12/2019 01:45:AM |
Project Citation:
Lanteri, Andrea. Replication data for: The Market for Used Capital: Endogenous Irreversibility and Reallocation over the Business Cycle. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113119V1
Project Description
Summary:
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This paper studies the business-cycle dynamics of secondary markets for physical capital and their effects on the macroeconomy. In the data, both capital reallocation and the price of used capital are procyclical. To rationalize these facts, I propose a model with endogenous partial irreversibility, where used investment goods are imperfect substitutes for new ones because of firm-level capital specificity. Equilibrium dynamics in the market for used capital induce countercyclical dispersion of marginal products of capital, propagate movements in aggregate TFP and provide a microfoundation for state-dependent non-convex capital adjustment costs.
Scope of Project
JEL Classification:
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E22 Investment; Capital; Intangible Capital; Capacity
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
E22 Investment; Capital; Intangible Capital; Capacity
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
G31 Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
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