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Survey data about the determinants of firm-level investment decisions shows that aggregate fluctuations in investment and output are mainly driven by aggregate demand shocks.
May 2018

A model with convex capital adjustment costs and rational inattention provides a microfounded explanation for the hump-shaped response of aggregate investment to shocks.
February 2018

The composition of aggregate investment shifts towards capacity increases during booms, which exhibit relatively stronger lumpiness at the firm level than replacement and rationalization investment.
November 2016



  • Topics in Empirical Macroeconomics Summer 2018
  • Unconventional Monetary Policy, Winter 2017


  • Topics in Monetary Economics, Winters 2017-2018