How does an economy's capital respond to aggregate productivity shocks when firms make lumpy investments? We show that capital's transitional dynamics are structurally linked to two steady‐state moments: the dispersion of capital to productivity ratios—an indicator of capital misallocation—and the covariance of capital to productivity ratios with the time elapsed since their last adjustment—an indicator of asymmetric costs of upsizing and downsizing the capital stock. We compute these two sufficient statistics using data on the size and frequency of investment of Chilean plants. The empirical values indicate significant effects of aggregate productivity shocks and favor investment models with a strong downsizing rigidity and random opportunities for free adjustments.

中文翻译：

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块状经济体的总体动态

当企业进行块状投资时，经济资本如何应对总生产率冲击？我们表明，资本的过渡动力在结构上与两个稳态时刻相关：资本与生产率之比的分散（资本错配的指标）以及资本与生产率之比与自上次调整以来经过的时间的协方差（指标）。扩大和缩小资本存量的不对称成本。我们使用有关智利工厂投资规模和投资频率的数据来计算这两个足够的统计数据。经验值表明了总生产率冲击的显着影响，并倾向于具有强烈缩减规模的刚性以及自由调整的随机机会的投资模型。