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  Lumpy Investment Cycles Induced by Cost
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 Ophav:
Druedahl, Jeppe1, Forfatter
Groth, Christian2, Vejleder
Tilknytninger:
1Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7001              
2Økonomisk Institut, Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7014              
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Indhold

Ukontrollerede emneord: Konjunkturcyklus, kriser, investeringer, dynamisk programmering
 Abstract: -
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Druedahl2013a_afleveret.pdf (Hovedtekst)
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Copyright dato:
2013-10-04
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De fulde rettigheder til dette materiale tilhører forfatteren.
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Basal

Bogmærk denne post: https://diskurs.kb.dk/item/diskurs:52882:2
 Type: Speciale
Alternativ titel: Under Variable Capacity Utilization and Inventory Accumulation
Alternativ titel: Ujævne Investeringscykler Forårsaget af Omkostningsfuld Adoption af Investerings-Specifik Teknologivækst
Alternativ titel: Under Variabel Kapacitetsudnyttelse og Lagerakkumulation
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Detaljer

Sprog: English - eng
 Datoer: 2013-06-27
 Sider: -
 Publiceringsinfo: København : Københavns Universitet
 Indholdsfortegnelse: 1 Résumé i
1.1 Research Problem i
1.2 Structure . iii
1.3 Results . iv
I LITERATURE REVIEWS 1
2 Fixed Investment 1
2.1 The Basic Facts 1
2.2 The Rise and Fall of Convex Investment Theory . 4
2.3 Financial Constraints . 5
2.4 Irreversibility . 5
2.5 Evidence of Lumpy Investment . 6
2.6 Partial Equilibrium Models . 12
2.7 General Equilibrium Models . 13
2.8 Precisely Wrong or Vaguely Right . 16
3 Inventory Investment 17
3.1 Basic Facts and Theories . 17
3.2 Dynamics and Puzzles 19
3.3 Stock-Out-Avoidance Models 20
II SETTING UP THE MODEL 23
4 Firm Objective 23
5 Production and Wage Bill 24
5.1 Ex Ante Production Function 24
5.2 Ex Post Production Function 24
5.3 Wage Bill . 25
5.4 Balanced Growth . 26
6 Investment and Reorganization 28
6.1 Capital Accumulation 28
6.2 Reorganization 29
6.3 Capital Adjustment Costs 30
6.4 Total Investment Costs 31
6.5 Removing the Structure Dimension . 31
6.6 Illustrations 32
7 Demand 34
7.1 Demand Function . 34
7.2 Basic Properties . 35
7.3 The Effects of Concave Demand 36
8 Timing Schemes 39
8.1 The Four Cases 39
8.2 Flexible Case . 39
8.3 Sticky Cases 39
8.4 Baseline Case . 40
9 The Full Baseline Model 41
9.1 Value Function Form . 41
9.2 Controls and State Transition 41
10 Gross Profit Maximization 44
10.1 Flexible Case (Almost Without Inventories) 44
10.2 Sticky Case 50
III SOLVING THE MODEL 55
11 Value Function Iteration 55
11.1 Basic Principle 55
11.2 Discretization . 56
11.3 The Algorithm 57
11.4 Deriving Decision Functions . 59
12 Value and Decision Functions 61
12.1 Value Function 61
12.2 Decision Functions 62
IV SIMULATING THE MODEL 67
13 Single Firm Simulation 67
13.1 Methodology . 67
13.2 Simulation Sample 67
13.3 Adjustment Costs . 71
13.4 The Grid Is Large Enough . 72
13.5 Reorganization Episodes . 73
14 Panel Simulation 76
14.1 Methodology . 76
14.2 Central Figures 76
15 Impulse-Responses 81
15.1 Methodology . 81
15.2 Demand Shock Basics 81
15.3 Non-Linearities 85
15.4 Time-Variability . 87
16 Robustness 90
V CONCLUSION 91
17 Conclusion 91
A Figures and Tables 93
A.1 Value and Decision Functions 93
A.2 Single Firm Simulation (Sample) 95
A.3 Panel Simulation (Sample) 96
A.4 Impulse-Responses 99
B Robustness Tables 101
B.1 More Coarse Grid 101
B.2 More Coarse Grid (new random shocks) 102
B.3 No Aggregate Volatility . 103
B.4 No Aggregate Volatility - Large Firm Panel (100.000) 104
B.5 Low Idiosyncratic Volatility . 105
B.6 No Capital Resale Market 106
B.7 Larger Capital Adjustment Costs 107
B.8 More Concave Demand . 108
C Figure and Table Lists 109
References 111
 Note: -
 Type: Speciale
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