On the Nature of Capital Adjustment Costs
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ID: 297260
2006
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Abstract
This paper studies the nature of capital adjustment at the plant level. We use an indirect inference procedure to estimate the structural parameters of a rich specification of capital adjustment costs. In effect, the parameters are optimally chosen to reproduce a set of moments that capture the non-linear relationship between investment and profitability found in plant-level data. Our findings indicate that a model, which mixes both convex and non-convex adjustment costs, fits the data best.
| Reference Key |
openalex_W3121515033
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|---|---|
| Authors | Russell W. Cooper, John Haltiwanger |
| Journal | The Review of Economic Studies |
| Year | 2006 |
| DOI |
10.1111/j.1467-937x.2006.00389.x
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| URL | |
| Keywords | Keywords not found |
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