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1、Chapter12AGGREGATEINVESTMENT*RICARDOJ.CABALLEROMITandNBERContentsAbstract814Keywords8141.Introduction8152.Basicinvestmenttheoryandfindings8162.1.Pre1990s:Dismay8162.2."Econometrics":Costofcapitalandqmatter8182.2.1.Long-run8202.2.2.Short-run8213.Lumpyandirreversibleinvestment8223.1.
2、Plant/firmlevel8223.1.1.Microeconomicadjustment:characterization8233.1.2."Representative"problem8243.1.3.Adetour:q-theoryandinfrequentinvestment8283.1.3.1.Onthefragilityofmarginalq8283.1.3.2.Whendoesq-theorywork?8303.1.3.3.Takingstock8323.1.4.Anotherdetour:Severalmisconceptionsabou
3、tirreversibleinvestment8323.1.5.Adjustmenthazard8353.2.Aggregation8373.3.Empiricalevidence.....8383.3.1.Microeconnmicdata8383.3.2.Aggregatedata8393.3.3.Pent-updemand8413.4.Equilibrium8424.Entry,exitandscrapping8444.1.Competitiveentryandirreversibility8444.2.Technologicalheterogenei
4、tyandscrapping847*IamgratefultoAndrewAbel,SteveBergantino,OlivierBlanchard,JasonCummins,EstherDuffio,EduardoEngel,AustanGoolsbee,LuigiGuiso,KevinHassett,GlennHubbard,JohnLeahy,KennethWest,andMichaelWoodfordformanyusefulcomments.IthanktheNSFforfinancialsupport.HandbookofMacroeconomi
5、cs,Volume1,EditedbyJB.TaylorandM.WoodJbrd~©1999ElsevierScienceB.V.Allrightsreserved813814R.J.Caballero5.Inefficientinvestment8485.1.Informationalproblems8495.2.Specificityandopportunism8515.2.1.Genericimplications8545.2.2.Creditconstraints8566.Conclusionandoutlook857References858Ab
6、stractThe1990shavewitnessedarevivalineconomists'interestandhopeofexplainingaggregateandmicroeconomicinvestmentbehavior.Newtheories,bettereconometricprocedures,andmoredetailedpaneldatasetsarebehindthismovement.Muchoftheprogresshasoccurredatthelevelofmicroeconomictheoriesandevidence;
7、however,progressinaggregationandgeneralequilibriumaspectsoftheinvestmentproblemalsohasbeensignificant.Theconceptofsunkcostsisatthecenterofmoderntheories.Theimplicationsofthesecostsforinvestmentgowellbeyondtheneoclassicalresponsetotheirreversible-technologicalfrictiontheyrepresent,f
8、ortheycanalsoleadtofirst-o
