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Macroeconomic Rates of Return of Public and Private Investment : Crowding-In and Crowding-Out Effects
Afonso, António; St. Aubyn, Miguel - 2009
macroeconomic effects of public and private investment through VAR analysis. From impulse response functions, we are able to assess … the extent of crowding-in or crowding-out of both components of investment. We also compute the associated macroeconomic … rates of return of public and private investment for each country. The results point mostly to the existence of positive …
Persistent link: https://www.econbiz.de/10014220513
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The Feldstein-Horioka Fact
Giannone, Domenico; Lenza, Michele - 2021
investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving …
Persistent link: https://www.econbiz.de/10013316585
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The Feldstein-Horioka fact
Giannone, Domenico; Lenza, Michele - 2008
investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving …
Persistent link: https://www.econbiz.de/10011604919
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Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation
Chatelain, Jean-Bernard; Tiomo, André - 2001
investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …
Persistent link: https://www.econbiz.de/10011604152
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The interest rate and credit channel in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a …. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This …
Persistent link: https://www.econbiz.de/10011604153
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Firms' investment decisions in response to demand and price uncertainty
Fuss, Catherine; Vermeulen, Philip - 2004
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing … investment, while price uncertainty is insignificant. This is consistent with the behavior of monopolistic firms with … irreversible capital (Caballero, 1991). Further, firms revise their investment plans very little. They may do so in response to new …
Persistent link: https://www.econbiz.de/10011604393
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Identification of systematic monetary policy
Hack, Lukas; Istrefi, Klodiana; Meier, Matthias - 2023
We propose a novel identification design to estimate the causal effects of systematic monetary policy on the propagation of macroeconomic shocks. The design combines (i) a time-varying measure of systematic monetary policy based on the historical composition of hawks and doves in the Federal...
Persistent link: https://www.econbiz.de/10014543651
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The reaction of bank lending to monetary policy measures in Germany
Worms, Andreas - 2001
A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...
Persistent link: https://www.econbiz.de/10011604142
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Asymmetries in bank lending behaviour. Austria during the 1990s
Kaufmann, Sylvia - 2001
This paper investigates both cross-sectional asymmetry (related to bank-specific characteristics like size and liquidity) and asymmetries over time (potentially related to the overall state of the economy) in Austrian bank lending reaction to monetary policy. The first type of asymmetry is...
Persistent link: https://www.econbiz.de/10011604143
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Is there a bank lending channel of monetary policy in Spain?
Hernando, Ignacio; Martinéz Pagés, Jorge - 2001
This paper uses panel data on banks, for the period 1991-98, to test the existence of a bank-lending channel in the Spanish economy. In order to distinguish between loan demand and supply movements, several exercises are performed. First, we analyse the differential responses, to monetary policy...
Persistent link: https://www.econbiz.de/10011604145