Investment Behavior of U.S. Firms over Heterogeneous Capital Goods: A Snapshot
نویسندگان
چکیده
Recent research has indicated that investment in certain capital types, such as computers, has fostered accelerated productivity growth and enabled a fundamental reorganization of the workplace. However, remarkably little is known about the composition of investment at the micro level. This short paper takes an important rst step in lling this knowledge gap by looking at the newly available micro data from the 1998 Annual Capital Expenditure Survey (ACES), a sample of roughly 30,000 rms drawn from the private, nonfarm economy. The paper establishes a number of stylized facts. Among other things, I nd that in contrast to aggregate data the typical rm tends to concentrate its capital expenditures in a very limited number of capital types, though which types are chosen varies greatly from rm to rm. In addition, computers account for a signi cantly larger share of rmsincremental investment than they do of lumpy investment. [
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