dc.contributor.author | Sveen, Tommy | |
dc.contributor.author | Weinke, Lutz | |
dc.date.accessioned | 2018-05-16T12:54:09Z | |
dc.date.available | 2018-05-16T12:54:09Z | |
dc.date.issued | 2005 | |
dc.identifier.uri | http://hdl.handle.net/11250/2498440 | |
dc.description.abstract | Smoothness in aggregate capital accumulation is a necessary condition for New-Keynesian (NK) models to imply a quantitatively relevant monetary transmission mechanism (see, e.g., Woodford 2005). Can that aggregate smoothness be entertained in the context of an NK model featuring lumpy plant-level investment? Our answer is yes. Imperfect competition in goods markets and/or sticky prices are identified as economic mechanisms which render lumpy investment relevant in general equilibrium. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;6/2005 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: E22 | nb_NO |
dc.subject | JEL: E31 | nb_NO |
dc.subject | JEL: E32 | nb_NO |
dc.subject | lumpy investment | nb_NO |
dc.subject | sticky prices | nb_NO |
dc.title | Is Lumpy Investment Really Irrelevant for the Business Cycle? | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | updatedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 29 | nb_NO |