Time-To-Build and Convex Adjustment Costs /
This paper incorporates time-to-build into the standard investment model with convex adjustment costs. The empirical Euler equation is estimated using a U.S. firm-level panel from Compustat. In spite of the introduction of time-to-build, the magnitude of the implied adjustment costs is unrealistical...
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| Format: | Tidsskrift |
| Sprog: | English |
| Udgivet: |
Washington, D.C. :
International Monetary Fund,
2001.
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| Serier: | IMF Working Papers; Working Paper ;
No. 2001/009 |
| Online adgang: | Full text available on IMF |