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Plant-Level Adjustment and Aggregate Investment Dynamics

Caballero, Ricardo J.; Engel, Eduardo M. R. A.; Haltiwanger, John C.; Woodford, Michael; Hall, Robert E.

From pages 3-4 -- 'This paper integrates the organizing framework of the aggregation literature and the microeconomic data of the LRD [Longitudinal Research Database]. It organizes data from a large sample of continuously operating plants in the U.S. manufacturing sector for the period 1972-88 (that is very similar to the sample used by Doms and Dunne) in a way that is useful for understanding aggregate investment dynamics. Indeed, the final product is an aggregate investment equation that has aggregate equipment investment on the left-hand side and not only aggregate, but also microeconomic variables on the right-hand side. Throughout the paper we attempt to explain equipment investment.'

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Also Published In

Title
Brookings papers on economic activity

More About This Work

Academic Units
Economics
Publisher
Brookings Institution
Published Here
November 26, 2013

Notes

Includes 'Comments and Discussion' by additional authors starting at page 40.

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