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Investment behavior, user cost and monetary policy transmission: The case of Hungary
Kátay, Gábor; Wolf, Zoltán - 2004
In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002 …, the effect of user cost changes on investment is significant and robust across several specifications providing strong … evidence against simple sales-accelerator models of investment. Firms' cash-flow proved to be a significant determinant of …
Persistent link: https://www.econbiz.de/10010322436
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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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The interest rate and credit channels 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/10011506540
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The interest rate and credit channels 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/10011622593
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Investment Behavior, User Cost and Monetary Policy Transmission - the Case of Hungary
Kátay, Gábor; Wolf, Zoltán - Magyar Nemzeti Bank (MNB) - 2004
In this paper we investigate corporate investment behavior using a large panel of Hungarian firms between 1993 and 2002 …, the effect of user cost changes on investment is significant and robust across several specifications providing strong … evidence against simple sales-accelerator models of investment. Firms' cash-flow proved to be a significant determinant of …
Persistent link: https://www.econbiz.de/10005146775
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The interest rate and credit channels in Belgium: an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - Nationale Bank van België/Banque national de Belqique (BNB) - 2001
This paper investigates the effects of monetary policy on firms\u2019 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/10005060067
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The Interest Rate and Credit Channels in Belgium : An Investigation with Micro-Level Firm Data
Butzen, Paul - 2010
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/10013136329
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The interest rate and credit channels in Belgium : an investigation with micro-level firm data
Butzen, Paul; Fuss, Catherine; Vermeulen, Philip - 2001
Persistent link: https://www.econbiz.de/10001630743
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Firm investment and monetary policy transmission in the Euro area
Kalckreuth, Ulf von; Hernando, Ignacio; Generale, Andrea; … - 2001
We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries, we estimate neoclassical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …
Persistent link: https://www.econbiz.de/10011431058
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Monetary policy effects on bank loans in Germany : a panel-econometric analysis
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/10011419446