government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world …. We show that falling risk premia on Spanish housing and non-residential capital, a loosening of collateral constraints … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the …

government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world …. We show that falling risk premia on Spanish housing and non-residential capital, a loosening of collateral constraints … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the …

government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world …. We show that falling risk premia on Spanish housing and non-residential capital, a loosening of collateral constraints … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the …

government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world …. We show that falling risk premia on Spanish housing and non-residential capital, a loosening of collateral constraints … for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the …

. First, empirically, financial activity is lumpy, more than investment activity. Second, non-convex costs are necessary, in … the context of a dynamic investment and financing model, to rationalize this lumpiness. Two versions of the model, with …, generating financial lumpiness higher than investment lumpiness. Other predictions of the model with respect to investment and …

monetary and other shocks. The theory predicts a positive effect of cash flow on investment, given fundamental determinants of … investment. I use an empirical method developed by Gilchrist and Himmelberg (1995, 1999), which has previously only been used to … its investment, controlling for any information in cash flow about investment opportunities. As predicted by the balance …

We identify a ‘risk news' shock in a vector autoregression (VAR), modifying Barsky and Sims’s procedure, while … incorporating sign restrictions to simultaneously identify monetary policy, technology and demand shocks. The VAR-identifed risk … news shock is estimated to account for around 2%-12% of business cycle fluctuations depending on which risk proxy we use …

This paper studies how economic policy uncertainty influences corporate investment for Chinese listed companies. We … show that when the degree of economic policy uncertainty is higher, firms stand to lower their investment and vice versa … negative effect of policy uncertainty on corporate investment. Moreover, firms in regions with higher degree of marketization …

in capital price and levels of aggregate investment and output. I present a model economy where the industry-level policy …-related investment cost is uncertain. Holding the average one-period investment cost constant, policy uncertainty leads to a higher … capital price and subsequently to lower levels of long-run aggregate investment and output. Policy uncertainty also makes …

traditional utilities and other professional investors in the energy market acted in accordance with a real options investment … rule, and the prospect of possible future subsidies delayed their investment decision. On the other hand, our results do … not show that farmers and other non-professional investors incorporated timing considerations in their investment …