The interrelationship between price and output decisions and investment decisions
In: Journal of Monetary Economics, Band 13, Heft 1, S. 41-65
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In: Journal of Monetary Economics, Band 13, Heft 1, S. 41-65
In: The journal of economic history, Band 37, Heft 4, S. 1041-1041
ISSN: 1471-6372
In: Journal of Monetary Economics, Band 36, Heft 1, S. 65-89
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 30, S. 301-366
ISSN: 0167-2231
In: The Economic Journal, Band 98, Heft 392, S. 731
In: Journal of economic dynamics & control, Band 53, S. 290-313
ISSN: 0165-1889
In: Journal of Monetary Economics, Band 52, Heft 3, S. 575-600
In: American economic review, Band 94, Heft 5, S. 1303-1327
ISSN: 1944-7981
This paper presents a model that provides an explanation, based on regime switching in the real interest rate and learning, of why tests based on stock-adjustment models, Euler equations, or decision rules—which emphasize short-run fluctuations in inventories and the interest rate—are unlikely to uncover a negative relationship between inventories and the real interest rate. The model, however, predicts that inventories will respond to long-run movements, that is, to regime shifts in the real interest rate. Tests emphasizing cointegration techniques confirm this prediction and show a significant long-run relationship between inventories and the real interest rate.
In: Journal of Monetary Economics, Band 49, Heft 2, S. 455
In: Journal of Monetary Economics
In: Journal of Monetary Economics, Band 47, Heft 2, S. 347-375