Investment, Finance and the Business Cycle: Evidence from the Dutch Manufacturing Sector

Hans van Ees, Gerard Kuper and Elmer Sterken

Cambridge Journal of Economics, 1997, vol. 21, issue 3, 395-407

Abstract: In this paper, the authors analyze the impact of profits on investment using data from the Dutch manufacturing sector in a simple Kaleckian investment model. Profits and capacity determine the level of investment. The empirical analysis of this 'nonmainstream' model confirms conclusions drawn in the context of financial accelerator models. The impact of profits on investment is countercyclical. Apparently, entrepreneurs use public capital markets primarily as a source of funds in booming periods. Copyright 1997 by Oxford University Press.

Date: 1997
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Working Paper: Investment, finance and the business cycle: Evidence from the Dutch manufacturing sector (1995)
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