Breitung, Jörg; Chirinko, Robert S.; Kalckreuth, Ulf von - 2003
This paper proposes a new framework for studying the effects of monetary policy on business investment. Important … ambiguities with the modeling of investment dynamics and interactions between real and financial decisions suggest modeling … investment spending as a VAR. Based on a panel of financial statement data for 6,408 German firms (44,345 datapoints …