The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Investment Dispersion and the Business Cycle
Open accessAbstract
The cross-sectional dispersion of firm-level investment rates is procyclical. This makes investment rates different from productivity, output, and employment growth, which have countercyclical dispersions. A calibrated heterogeneous-firm business cycle model with nonconvex capital adjustment costs and countercyclical dispersion of firm-level productivity shocks replicates these facts and produces a correlation between investment dispersion and aggregate output of 0.53, close to 0.45 in the data. We find that small shocks to the dispersion of productivity, which in the model constitutes firm risk, suffice to generate the mildly procyclical investment dispersion in the data but do not produce serious business cycles. (JEL D42, D92, E32, G31, G32)
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
“The Cyclicality of Productivity Dispersion”
Kehrig, M. (2011) · doi:10.2139/ssrn.1787761 · Cited by 107
Cited by
Really Uncertain Business Cycles
Bloom, N., Floetotto, M., Jaimovich, N., Saporta-Eksten, I., & Terry, S. J. (2018) · Econometrica · doi:10.3982/ecta10927 · Cited by 1,120
Uncertainty and Economic Activity: Evidence from Business Survey Data
Bachmann, R., Elstner, S., & Sims, E. R. (2013) · American Economic Journal: Macroeconomics · doi:10.1257/mac.5.2.217 · Cited by 991
Self-citationPolicy uncertainty, investment, and the cost of capital
Drobetz, W., El Ghoul, S., Guedhami, O., & Janzen, M. (2018) · Journal of Financial Stability · doi:10.1016/j.jfs.2018.08.005 · Cited by 341
“The Cyclicality of Productivity Dispersion”
Kehrig, M. (2011) · doi:10.2139/ssrn.1787761 · Cited by 107
Metadata
- Authors
- Bachmann, R., & Bayer, C.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2014-04-01
- Volume
- 104
- Issue
- 4
- Pages
- 1392-1416
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W1982102670
- Cited by
- 181
- References
- 1
- FWCI
- 41.01
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Investment Dispersion and the Business Cycle. https://app.cochat.ai/papers/10.1257/aer.104.4.1392
- The paper
- Bachmann, R., & Bayer, C. (2014). Investment Dispersion and the Business Cycle. American Economic Review. https://doi.org/10.1257/aer.104.4.1392
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
