Browsing by Author "91322c18-729f-4f07-a075-db5e6baae3c7"

Now showing items 1-5 of 5

    • Explaining investment dynamics in U.S. manufacturing: a generalized (S; s) approach 
      Caballero, Ricardo; Engel Goetz, Eduardo (The Econometric Society, 1999)
      In this paper we derive a model of aggregate investment that builds from the lumpymicroeconomic behavior of firms facing stochastic fixed adjustment costs. Instead of theŽ.standard sharp S, s bands, firms’ adjustment ...
    • Heterogeneity and Output Fluctuations in a Dynamic Menu-Cost Economy 
      Caballero, Ricardo; Engel Goetz, Eduardo (Oxford University Press, 1993)
      When firms face menu costs, the relation between their output and money is highly nonlinear. At the aggregate level, however, this needs not be so. In this paper we study the dynamic behavior of a general equilibrium ...
    • Microeconomic Adjustment Hazards and Aggregate Dynamics 
      Caballero, Ricardo; Engel Goetz, Eduardo (JSTOR, 1993)
      The basic premise of this paper is that understanding aggregate dynamics requires considering that agents are heterogeneous and that they do not adjust continuously to the shocks they perceive. We provide a general ...
    • Microeconomic rigidities and aggregate price dynamics 
      Caballero, Ricardo; Engel Goetz, Eduardo (Elsevier, 1993)
      This paper is an attempt to enrich the characterization of the sluggish behavior of the aggregate price level. Our contribution to this vast literature is to explicitly consider microeconomic heterogeneity and its ...
    • Three Strikes and You’re Out: Reply to Cooper and Willis 
      Caballero, Ricardo; Engel Goetz, Eduardo (The American Economic Association, 2004)
      Cooper and Willis (2003) is the latest in a sequence of criticisms of our methodology for estimating aggregate nonlinearities when microeconomic adjustment is lumpy. Their case is based on “reproducing” our main findings ...