Standard (S, s) models of lumpy investment allow us to match many aspects of the micro data, but it is well known that the implied interest rate sensitivity of investment is unrealistically large. In fact, the micro-level lumpiness in investment puts empirical discipline on the modeling of investment decisions, and this makes it hard to explain the monetary policy transmission mechanism.

中文翻译：

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特殊冲击、波动性投资和货币传导机制

块状投资的标准（S，s）模型使我们能够匹配微观数据的许多方面，但众所周知，投资的隐含利率敏感性大得不切实际。事实上，投资的微观层面的波动性给投资决策的建模带来了实证约束，这使得货币政策传导机制难以解释。