Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/82410 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 143
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
In this paper we study the capital adjustment process in Swedish manufacturing firms and relate the empirical findings to standard models of firm behavior in the presence of impediments to capital adjustments. We find that (i) an S,s model fits the data well in some, but not all, dimensions. (ii) A model with irreversible capital goes a long way in capturing the salient features of firm-level capital adjustment behavior. (iii) The partial adjustment model generally fails to explain capital adjustment patterns. (iv) The capital accumulation process is a highly volatile and non-persistent process on the firm-level. (v) Firms’ adjustment behavior is asymmetric in that they are more likely to tolerate excess capital than shortages of capital, and, finally, (vi) the estimated adjustment function implies that aggregate investment is relatively unresponsive to aggregate shocks in deep recessions as compared to normal times.
Schlagwörter: 
Investment
Irreversibilities
Lumpiness
Manufacturing
JEL: 
D24
E22
L60
Dokumentart: 
Working Paper
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
551.22 kB





Publikationen in EconStor sind urheberrechtlich geschützt.