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Endogenous Fluctuations of Investment and Output in a Model of Discrete Capital Adjustments

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Author Info
Nirei, Makoto
Abstract

This paper presents a model of endogenous fluctuations of investment and output at the business cycles frequencies. Aggregate investments fluctuate endogenously due to the strategic complementarity of micro-level lumpy investments. The investment fluctuations are transmitted to the output via variable utilization of capital. Simulations show that there is a range of parameter values under with the model economy exhibits a large magnitude of fluctuations and comovements in investment and output.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/17348/1/070iirWP09_01.pdf
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Publisher Info
Paper provided by Institute of Innovation Research, Hitotsubashi University in its series IIR Working Paper with number 09-01.

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Length: 31 p.
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:hit:iirwps:09-01

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Related research
Keywords: business cycles; lumpy investment; variable capacity utilization; nonlinear dynamics;

Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

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This page was last updated on 2009-11-27.

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