Suchergebnisse

"The best predictor of current investment at the firm level is lagged investment. This lagged-investment effect is empirically more important than the cash-flow and Q effects combined. We show that the specification of investment adjustment costs proposed by Christiano, Eichenbaum and Evans (2005) predicts the presence of a lagged-investment effect and that a generalized version of their model is consistent with the behavior of firm-level data from Compustat"--National Bureau of Economic Research web site

"Which investment model best fits firm-level data? To answer this question we estimate alternative models using Compustat data. Surprisingly, the two best-performing specifications are based on Hayashi's (1982) model. This model's foremost implication, that Q is a sufficient statistic for determining a firm's investment decision, has been often rejected because cash-flow and lagged-investment effects are present in investment regressions. However, we find that these regression results are quite fragile and ineffectual for evaluating model performance. So, forget what investment regressions tell you. Models based on Hayashi (1982) provide a very good description of investment behavior at the firm level"--National Bureau of Economic Research web site

Front Cover -- Title Page -- Copyright Information -- Table of Contents -- The European Central Bank's Monetary Policy during Its First 20 Years -- Comments and Discussion -- Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia -- Comments and Discussion -- The Real Effects of Disrupted Credit: Evidence from the Global Financial Crisis -- Comments and Discussion -- The Cyclical Sensitivity in Estimates of Potential Output -- Comments and Discussion -- Should the Federal Reserve Regularly Evaluate Its Monetary Policy Framework? -- Comments and Discussion -- Monetary Policy at the Effective Lower Bound: Less Potent? More International? More Sticky? -- The Efficacy of Large-Scale Asset Purchases When the Short-Term Interest Rate Is at Its Effective Lower Bound -- The Federal Reserve Is Not Very Constrained by the Lower Bound on Nominal Interest Rates -- Comments on Monetary Policy at the Effective Lower Bound.