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  1. Persistent and transitory shocks, learning, and investment dynamics
    paper presented at the HWWA Workshop, August 26-27, 1999, on "Uncertainty and Factor Demands", organized by Michael Funke (University of Hamburg), Robert Chirinko (Emory University), and Hans-Eckart Scharrer (HWWA)
    Autor*in: Moore, Bartholomew John; Schaller, Huntley; Funke, Michael; Chirinko, Robert S.; Scharrer, Hans-Eckart
    Erschienen: 1999
    Verlag:  HWWA-Institut für Wirtschaftsforschung-Hamburg, Hamburg

    This paper introduces a new approach to understanding investment. The distinctive feature of our approach is that shocks to the economic fundamentals have both persistent and transitory components, and that firms must disentangle the persistent from... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 16 (77)
    Fernleihe:
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    This paper introduces a new approach to understanding investment. The distinctive feature of our approach is that shocks to the economic fundamentals have both persistent and transitory components, and that firms must disentangle the persistent from the transitory shocks. The model generates interesting dynamics. Simulations of the model show that the response of investment to changes in the interest rate can vary widely over time, that the current response of investment depends on the sequence of past shocks, that investment will respond less when the firm is confident about its beliefs and more when a change in economic fundamentals challenges the firm's beliefs, and that investment booms and crashes may occur without any change in the true state of the economy. Simulations of the model also show that it captures many "stylized facts" of investment dynamics documented in previous empirical studies.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Konferenzschrift
    Format: Online
    Weitere Identifier:
    hdl: 10419/19176
    Körperschaften/Kongresse: HWWA Workshop on Uncertainty and Factor Demands (1999, Hamburg)
    Schriftenreihe: HWWA-Diskussionspapier ; 77
    Schlagworte: Volkswirtschaftliche Investitionstheorie; Betriebliche Investitionstheorie; Schock; Realzins; Stochastischer Prozess; Lernprozess; Investitionsentscheidung; Anpassung; Theorie
    Umfang: 1 Online-Ressource (6 Seiten)
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