explaining the consumption path after a Marginal Efficiency of Investment shock. We use an otherwise standard medium-scale New …

The ifo Investment Survey asks firms in the German manufacturing sector about the importance of sales, technological … factors, finance, return expectations, and macroeconomic policy for their investment activity in a given year. We show that … these subjective investment determinants 1) capture economically what their labels suggest, and 2) have strong explanatory …

.2% higher today if productivity-enhancing investment intensity had remained at its pre-crisis level … suggests that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a gap … the Global Financial Crisis, I show that tight credit reduced investments in productivity-enhancement, and significantly …

question in the context of a heterogeneous-firm RBC model with persistent firm-level productivity shocks and lumpy capital …

When investment is irreversible, theory suggests that firms will be “reluctant to invest.” This reluctance creates a … wedge between the discount rate guiding investment decisions and the standard Jorgensonian user cost (adjusted for risk). We …

Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We … introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama … misvaluation into standard investment equations to estimate the quantitative effect of misvaluation on investment. Overall, the …

firms in making their investment decisions.We use a revealed preference approach that relies on the pattern of investment … spending – combined with investment theory – to estimate the discount rates used by managers. The standard story predicts that … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …

productivity depends on their age through the build-up of labour market experience and the depreciation of human capital. We make … wisdom following an increase in longevity, depending on the corresponding change in the age-productivity profile …