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Identifier to cite or link to this item: https://hdl.handle.net/10086/17348

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Title
Endogenous Fluctuations of Investment and Output in a Model of Discrete Capital Adjustments
Creator
Creator Name
Nirei, Makoto Nirei, Makoto
楡井, 誠 楡井, 誠
Affiliation
Affiliation Name
Hitotsubashi University
Key Word
business cycles
lumpy investment
variable capacity utilization
nonlinear dynamics
JEL
E32
E22
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.
Publisher
Institute of Innovation Research, Hitotsubashi University
Issued Date
2009-04
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
IIR Working Paper ; No. 09-01
Number of Pages
31
Appears in Collections
IIR Working Paper
URL
https://hdl.handle.net/10086/17348