Non-Convexities, Asymmetries and Aggregate Investment Activity: Evidence for the UK

Richard Holt

Edinburgh School of Economics Discussion Paper Series from Edinburgh School of Economics, University of Edinburgh

Abstract: This paper documents cyclical asymmetries in the aggregate investment activity of UK industrial and commercial companies. The ability of a model of aggregate activity based on heterogeneous actions under non-convex adjustment at the individual level to account for this feature is then investigated. Aggregate activity is found to be consistent with non-convex adjustment at the individual level. Asymmetric features of microeconomic adjustment technology do not appear crucial for understanding aggregate non-linearities.

Pages: 24
Date: 2000-12, Revised 2000-12
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http://www.econ.ed.ac.uk/papers/id57_esedps.pdf Revised version, December 2000 (application/pdf)

Related works:
Journal Article: Non‐Convexities, Asymmetries and Aggregate Investment Activity: Evidence for the UK (2000)
Working Paper: Non-Convexities, Asymmetries and Aggregate Investment Activity: Evidence for the UK (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:edn:esedps:57

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