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UID:fe1f902e00618d214525dafedb66f8c0
CATEGORIES:Seminars
CREATED:20240708T070833
SUMMARY:Lunch Seminar: Francesco Lippi - LUISS, EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:<p><em><strong>A Structural Model of Asymmetric Lumpy Investment</strong></
 em></p><p>Abstract:</p><p style="text-align: justify;">Firms’ capital inves
 tments are lumpy and asymmetric, with disinvestments being less frequent an
 d smaller than positive investments. We present a tractable model that repr
 oduces the observed frequency and size distribution of investments by assum
 ing that capital investment is subject to random fixed costs. We provide an
  inverse map to recover the model’s primitives: in particular, we use the s
 ize distribution of investment to identify the underlying distribution of a
 djustment costs, as well as other fundamen- tal parameters such as the drif
 t and volatility of the firm’s productivity. We apply the method to panel d
 ata on investments by Italian firms. We use the identified model to quantif
 y the capital adjustment costs and to document their asymmetric nature: dis
 investments are more costly than investments. We explore the extent to whic
 h these asymmetries imply a non-linear propagation of aggregate productivit
 y shocks.&nbsp;</p>
DTSTAMP:20260426T230051Z
DTSTART:20241115T130000Z
DTEND:20241115T140000Z
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TRANSP:OPAQUE
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