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Investment, Capacity, and Uncertainty: A Putty-Clay Approach / Simon Gilchrist, John C. Williams.
- Format:
- Book
- Author/Creator:
- Gilchrist, Simon.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w10446.
- NBER working paper series no. w10446
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Investment, Capacity, and Uncertainty
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2004.
- Summary:
- We embed the microeconomic decisions associated with investment under uncertainty, capacity utilization, and machine replacement in a general equilibrium model based on putty-clay technology. In the presence of irreversible factor proportions, a mean-preserving spread in the productivity of investment raises aggregate investment, productivity, and output. Increases in uncertainty have important dynamic implications, causing sustained increases in investment and hours and a medium-term expansion in the growth rate of labor productivity.
- Notes:
- Print version record
- April 2004.
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