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UID:fe1f902e00618d214525dafedb66f8c0
CATEGORIES:Seminars
CREATED:20240708T070833
SUMMARY:Lunch Seminar: Francesco Lippi - LUISS, EIEF
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nA Structural Model of Asymmetric Lumpy Investment\n\n\nAbstract:\nFirms
 ’ capital investments are lumpy and asymmetric, with disinvestments being l
 ess frequent and smaller than positive investments. We present a tractable 
 model that reproduces the observed frequency and size distribution of inves
 tments by assuming that capital investment is subject to random fixed costs
 . We provide an inverse map to recover the model’s primitives: in particula
 r, we use the size distribution of investment to identify the underlying di
 stribution of adjustment costs, as well as other fundamen- tal parameters s
 uch as the drift and volatility of the firm’s productivity. We apply the me
 thod to panel data on investments by Italian firms. We use the identified m
 odel to quantify the capital adjustment costs and to document their asymmet
 ric nature: disinvestments are more costly than investments. We explore the
  extent to which these asymmetries imply a non-linear propagation of aggreg
 ate productivity shocks. \n
DTSTAMP:20260426T225927Z
DTSTART:20241115T130000Z
DTEND:20241115T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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