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Two Cheers for the Aggregated (S, s) Model!

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  • Richard Holt

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Abstract

Aggregated (S;s) models purport to provide a structural, microfounded and statistically robust explanation of aggregate investment uctuations. In this paper I analyse these claims, present several empirical puzzles arising from the model and discuss hoe the model might be extended to account for these puzzles.

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File URL: http://www.econ.ed.ac.uk/papers/calss3.pdf
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Bibliographic Info

Paper provided by Edinburgh School of Economics, University of Edinburgh in its series ESE Discussion Papers with number 56.

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Length: 31
Date of creation: Apr 2004
Date of revision:
Handle: RePEc:edn:esedps:56

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Related research

Keywords: Economic Fluctuations; Investment; Factor Demand; Aggregated (S; s) rules; Model Specification;

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  1. Eberly, Janice C, 1994. "Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases," Journal of Political Economy, University of Chicago Press, vol. 102(3), pages 403-36, June.
  2. Daniel S. Hamermesh & Gerard A. Pfann, 1996. "Adjustment Costs in Factor Demand," Journal of Economic Literature, American Economic Association, vol. 34(3), pages 1264-1292, September.
  3. repec:fth:coluec:465 is not listed on IDEAS
  4. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April.
  5. Randal Verbrugge Randal Verbrugge, 1997. "Investigating Cyclical Asymmetries," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 2(1), pages 1-10, April.
  6. Jorgenson, Dale W, 1996. "Empirical Studies of Depreciation," Economic Inquiry, Western Economic Association International, vol. 34(1), pages 24-42, January.
  7. Ricardo J. Caballero & Eduardo M. R. A. Engel & John C. Haltiwanger, 1995. "Plant-Level Adjustment and Aggregate Investment Dynamics," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(2), pages 1-54.
  8. Durlauf, Steven N. & Maccini, Louis J., 1995. "Measuring noise in inventory models," Journal of Monetary Economics, Elsevier, vol. 36(1), pages 65-89, August.
  9. Erik Hurst & Christopher Foote & John Leahy, 2000. "Testing the (S, s) Model," American Economic Review, American Economic Association, vol. 90(2), pages 116-119, May.
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