Data and Code For: Lumpy Investment, Business Cycles, and Stimulus Policy
Principal Investigator(s): View help for Principal Investigator(s) Thomas Winberry
Version: View help for Version V1
Name | File Type | Size | Last Modified |
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Data Analysis | 12/16/2020 10:06:AM | ||
Data Construction | 12/16/2020 09:54:AM | ||
Het firm | 12/16/2020 10:58:AM | ||
Rep firm | 12/16/2020 10:58:AM | ||
Results | 12/16/2020 10:01:AM | ||
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text/plain | 1.4 KB | 09/29/2020 07:23:AM |
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application/pdf | 26.9 KB | 09/29/2020 07:23:AM |
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text/plain | 9.4 KB | 09/29/2020 07:23:AM |
Project Citation:
Winberry, Thomas. Data and Code For: Lumpy Investment, Business Cycles, and Stimulus Policy. Nashville, TN: American Economic Association [publisher], 2020. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2020-12-17. https://doi.org/10.3886/E119560V1
Project Description
Summary:
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Abstract: I study the aggregate implications of micro-level lumpy investment in a model consistent with the empirical dynamics of the real interest rate. The elasticity of aggregate investment with respect to shocks is procyclical because more firms are likely to make an extensive margin investment in expansions than in recessions. Matching the dynamics of the real interest rate is key to generating this result because it disciplines the interest-elasticity of investment and avoids counterfactual behavior of the model that would otherwise eliminate most of the procyclical responsiveness. Therefore, data on interest rates places important discipline in aggregating micro-level investment behavior.
Scope of Project
Subject Terms:
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investment;
fixed costs;
firm heterogeneity;
business cycles;
investment stimulus
JEL Classification:
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D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E22 Investment; Capital; Intangible Capital; Capacity
E62 Fiscal Policy
D25 Intertemporal Firm Choice: Investment, Capacity, and Financing
E22 Investment; Capital; Intangible Capital; Capacity
E62 Fiscal Policy
Geographic Coverage:
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United States
Time Period(s):
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1954 – 2016
Data Type(s):
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aggregate data
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