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Autor:innen: 
Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
MNB Working Papers No. 2010/2
Verlag: 
Magyar Nemzeti Bank, Budapest
Zusammenfassung: 
This paper uses Hungarian data to estimate the structural parameters of a firm-level investment model with a rich structure of adjustment costs, and analyzes whether non-convex adjustment costs have any effect on the aggregate investment dynamics. The main question addressed is whether aggregate profitability shocks (as a result of monetary policy, for example) lead to different aggregate investment dynamics under non-convex and convex adjustment costs. The main finding is that while non-convex adjustment costs make investment lumpier at the firmlevel, they lead to a more flexible adjustment pattern at the aggregate level. This is because the model is calibrated to have the same proportion of inactive (i.e. non-investing) firms under convex and non-convex adjustment costs, but the average size of new investment of active firms is higher under nonconvex ,adjustment costs.
Schlagwörter: 
Capital Adjustment Costs
Lumpy Investment
Irreversible Investment
Aggregation
JEL: 
E22
Dokumentart: 
Working Paper
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