The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Machine Replacement and the Business Cycle: Lumps and Bumps
Abstract
This paper explores investment fluctuations due to discrete changes in a plant's capital stock. The resulting aggregate investment dynamics are surprisingly rich, reflecting the interaction between a replacement cycle, the cross-sectional distribution of the age of the capital stock, and an aggregate shock. Using plant-level data, lumpy investment is procyclical and more likely for older capital. Further, the predicted path of aggregate investment that neglects vintage effects tracks actual aggregate investment reasonably well. However, ignoring fluctuations in the cross-sectional distribution of investment vintages can yield predictable nontrivial errors in forecasting changes in aggregate investment. (JEL E22, E32)
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Citations
Cites
Unemployment Insurance and Unemployment Spells
Meyer, B. D. (1990) · Econometrica · doi:10.2307/2938349 · Cited by 1,178
Cited by
Firms, Destinations, and Aggregate Fluctuations
(2014) · Econometrica · doi:10.3982/ecta11041 · Cited by 369
Asset Pricing Implications of Nonconvex Adjustment Costs and Irreversibility of Investment
COOPER, I. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00832.x · Cited by 363
Haltiwanger, J. C. (1997) · Review · doi:10.20955/r.79.55-78 · Cited by 253
Self-citation
Metadata
- Authors
- Cooper, R., Haltiwanger, J., & Power, L.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 1999-09-01
- Volume
- 89
- Issue
- 4
- Pages
- 921-946
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3124294703
- Cited by
- 449
- References
- 1
- FWCI
- 39.23
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Machine Replacement and the Business Cycle: Lumps and Bumps. https://app.cochat.ai/papers/10.1257/aer.89.4.921
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- Cooper, R., Haltiwanger, J., & Power, L. (1999). Machine Replacement and the Business Cycle: Lumps and Bumps. American Economic Review. https://doi.org/10.1257/aer.89.4.921
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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.
