q de Tobin et taux d'accumulation en France

James Chan-Lee and Raymond Torres

Annals of Economics and Statistics, 1987, issue 5, 37-48

Abstract: This article presents an estimate of Tobin's average q based on financial market expectations. When marginal q exceeds unity it is profitable to invest, however, only average q is observable. Due to uncertainty linked to demand constraints, average q can differ from marginal q; thus an investment equation based on average q requires a proxy for uncertainty. This type of specification explains the rate of investment in France quite well.

Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1987:i:5:p:37-48

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