; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Nonconvex Factor Adjustments in Equilibrium Business Cycle Models: Do Nonlinearities Matter?"; ; "batchuser@example.com"; "Thomas, Julia", "Khan, Aubhik"; "Federal Reserve Bank of Minneapolis"; "Business cycles", "Adjustment costs", "Nonlinearities", "Lumpy investment"; "E32 - Business Fluctuations; Cycles", "E22 - Investment; Capital; Intangible Capital; Capacity"; "Recent empirical analysis has found nonlinearities to be important in understanding aggregated investment. Using an equilibrium business cycle model, we search for aggregate nonlinearities arising from the introduction of nonconvex capital adjustment costs. We find that, while such costs lead to nontrivial nonlinearities in aggregate investment demand, equilibrium investment is effectively unchanged. Our finding, based on a model in which aggregate fluctuations arise through exogenous changes in total factor productivity, is robust to the introduction of shocks to the relative price of investment goods."^^; "2002-05"; "2019-06-21T21:38:43.457242506+00:00"^^; "https://doi.org/10.21034/sr.306"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:54:10 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "398", "787"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "306"; "Adjustment costs", "Business cycles", "Nonlinearities", "Lumpy investment"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Journal of Monetary Economics_ (Vol. 50, No. 2, March 2003, pp. 331-360) https://doi.org/10.1016/S0304-3932(03)00003-5. "^^; ; "Publication" . ; .