Two Cheers for the Aggregated (S, s) Model!
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 ari ng from the model and discuss hoe the model might be extended to account for these puzzles.
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- Eberly, Janice C, 1994.
"Adjustment of Consumers' Durables Stocks: Evidence from Automobile Purchases,"
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- 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.
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- 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.
- Hamermesh, Daniel S. & Pfann, Gerard Antonie, 1996. "Adjustment Costs in Factor Demand," CEPR Discussion Papers 1371, C.E.P.R. Discussion Papers.
- 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. Full references (including those not matched with items on IDEAS)
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