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

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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.

Document Type: Research Article

Affiliations: University of Edinburgh

Publication date: June 1, 2000

bpl/manc/2000/00000068/A00100s1/art00210
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