observed effect is a negative inflation-investment correlation that replicates previous empirical findings, due to purely short …The paper presents a model of irreversible investment under uncertainty, where investment takes place whenever a … inflation induces an upward capital stock adjustment. In economies that move in and out of temporary stabilizations, the …

unclear. One candidate is intangible capital - a rising driver of economic growth that, being non-pledgeable as collateral, is … vulnerable to financial frictions. By sheltering intangible investment from financial shocks, counter-cyclical macroeconomic … policy could strengthen longer-term growth, particularly so where strong product market competition prevents firms from self …

variables move over time and analyzes how they influence macroeconomic variables such as economic growth, inflation, savings and … investment, and fiscal balances, from an empirical perspective. Based on empirical findings-particularly regarding inflation …

This paper investigates how macroeconomic uncertainty affects the fiscal multiplier of public investment. In theory …. Conversely, it can increase the fiscal multiplier if public investment shocks improve private agents' expectations about future …, we find that unexpected increases in public investment have larger and longer-lasting effects on output, investment, and …

theory (Myers 1977). We also find that the effect of public investment on corporate investment is much weaker for firms that …This paper explores whether public investment crowds out or crowds in private investment. To this aim, we build a … database of about half a million firms from 49 countries. We find that the effect of public investment on corporate investment …

We contrast how monetary policy affects intangible relative to tangible investment. We document that the stock prices … total investment in firms with more intangible assets responds less to monetary policy, and that intangible investment … responds less to monetary policy compared to tangible investment. We identify two mechanisms behind these results. First, firms …

While expanding public investment can help filling infrastructure bottlenecks, scaling up too much and too fast often … leads to inefficient outcomes. This paper rationalizes this outcome looking at the association between cost inflation and … public investment in a large sample of road construction projects in developing countries. Consistent with the presence of …