An Empirical Study of Interaction-based Aggregate Investment Fluctuations
An Empirical Study of Interaction-based Aggregate Investment Fluctuations
复制标题
基于交互作用的总投资波动实证研究
DOI：
10.1111/jere.12088
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发表时间：
2017
影响因子：
1.2
通讯作者：
and Makoto Nirei
中科院分区：
文献类型：
--
作者：
Luigi Guiso;Chaoqun Lai;and Makoto Nirei
This paper argues that interactions of firms account for a sizable part of fluctuations in aggregate investments without exogenous aggregate shocks. We first establish empirically that the fraction of firms that engage in a lumpy investment follows a non-normal, two-sided exponential distribution across region-year with a panel data set of Italian firms. We then present a simple sectoral model that generates the two-sided exponential distribution that arises from the complementarity of the firms’ lumpy investments within a region. Calibrated by the firm-level estimate of complementarity, the model is capable of generating the two-sided exponential fluctuations observed at the aggregate level.
