Interest rates, irreversibility, and backward-bending investment

被引：21

作者：

Chetty, Raj ^{[1
]}

机构：

[1] Univ Calif Berkeley, Berkeley, CA 94720 USA

[2] NBER, Cambridge, MA 02138 USA

来源：

REVIEW OF ECONOMIC STUDIES | 2007年 / 74卷 / 01期

基金：

美国国家科学基金会;

关键词：

D O I：

10.1111/j.1467-937X.2007.00414.x

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the effect of interest rates on investment in an environment where firms make irreversible investments with uncertain pay-offs. In this setting, changes in the interest rate affect both the cost of capital and the cost of delaying investment to acquire information. These two forces combine to generate an aggregate investment demand curve that is a backward-bending function of the interest rate. At low rates, increasing the interest rate raises investment by increasing the cost of delay.

引用

页码：67 / 91

页数：25

共 21 条

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[12]

CHIRINKO RS, 1993, J ECON LIT, V31, P1875

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