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In: Working paper series 658
In: Working paper 347
In: ECB Working Paper No. 1021
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In: ECB Working Paper No. 658
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In: Applied Economics, Band 40, Heft 18, S. 2337-2351
We investigate the effect of demand and price uncertainty on firms' planned and realized investment from a panel of manufacturing firms. Uncertainty measures are derived from firms' own expectations about demand and prices and firm's sales. We find that demand uncertainty at the time of planning depresses planned and subsequent realized investment. Firms do not revise their plans due to demand uncertainty at the time of spending, suggesting that reducing demand uncertainty will only have lagged effects on investment. We do not find any effect of price uncertainty. Our results are consistent with the behavior of monopolistic firms with irreversible capital.
In: Working paper 107
In: The World Economy, Band 39, Heft 10, S. 1558-1583
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In: ECB Working Paper No. 1752
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This paper investigates the effects of monetary policy on firms' investment behaviour. The analysis relies on a comprehensive database of Belgian firms covering all sectors of economic activity and firms of all sizes. We proceed in two steps. First, we estimate a reduced-form investment equation derived from the neo-classical model, augmented by cash flow. This equation is estimated by the Arellano and Bond (1991) GMM procedure. Second, we compute the elasticity of the user cost of capital and the cash flow/capital ratio to the policy-controlled interest rate. We estimate the model for various sample splits according to sectors and sizes. Our results indicate that small firms are more sensitive to monetary policy than large firms, and that services are almost unaffected. Since the impact differs across sectors and sizes, we can conclude that monetary policy produces distributional effects.
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In: IZA Discussion Paper No. 15962
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In: Working paper series 840
In: Wage dynamics network
In: ECB Working Paper No. 1006
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