Investment dynamics with fixed capital adjustment cost and capital market imperfections

被引：17

作者：

Bayer, Christian ^{[1
]}

机构：

[1] Univ Dortmund, Wirtschafts & Sozialwissensch Fak, D-44221 Dortmund, Germany

来源：

JOURNAL OF MONETARY ECONOMICS | 2006年 / 53卷 / 08期

关键词：

investment; non-convex adjustment cost; imperfect capital markets; non-linear error-correction;

D O I：

10.1016/j.jmoneco.2006.04.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the implications of financing frictions on capital stocks and on capital accumulation in the presence of non-convex costs of adjusting the capital stock. In this setup finance has an influence on both, the level of capital and the timing of investment. Finance and productivity are complements and finance influences investment the strongest when firms wish to significantly adjust capital for fundamental reasons. These theoretical considerations are confronted with UK data. While finance is mostly irrelevant for long-term capital decision, the short-run investment function shows a significant impact of finance, which is also strongest for strong fundamental investment incentives. (c) 2006 Elsevier B.V. All rights reserved.

引用

页码：1639 / 1677

页数：39

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