Investitionen und Kapitalkosten: Wenn niedrige Zinssätze für starkes Investitionswachstum nicht ausreichen

Banu Simmons-Süer ()
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Banu Simmons-Süer: KOF Swiss Economic Institute, ETH Zurich, Switzerland, http://www.kof.ethz.ch

KOF Analysen, 2014, vol. 8, issue 4, 51-64

Abstract: Using the Markov-regime switching technique, this paper attempts to explain what drives the US gross fixed capital investment at an aggregate level. The focus of the paper is on the role of the cost of capital in determining the probability of switching between high and low investment-growth regimes. Whilst the bulk of the investment literature is concentrated on companylevel Tobin’s q to explain company-level investment, we calculate an aggregate Tobin’s q for the US non-farm, non-financial corporate sector, to analyse how the cost of capital impacts the non-linear relationship between investment and «q».

Keywords: Investition; Tobins Q; Kapitalkosten; Regimewechsel (search for similar items in EconPapers)
JEL-codes: C24 D22 E44 G31 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:kof:anskof:v:8:y:2014:i:4:p:51-64

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