Plant-level adjustment and aggregate investment dynamics
THE EMPIRICAL INVESTMENT literature is full of disappointments. From time to time waves of new ideas challenge the aggregate investment equation, but these challenges are rarely successful, and progress is, at best, slow. There are serious theoretical obstacles, stemming mostly from the richness of the cross-sectional and time-series scenarios faced by actual investors, from the complexity of the investment technologies available to them, and from the myriad incentive problems that these economic agents face. There are at least as complex, and perhaps insurmountable, data problems. Both right- and left-hand side variables are seldom measuredp roperly.
Eduardo Engel acknowledges financial support from FONDECYT (Chile) grant 195-520
Artículo de publicación ISIArtículo de publicación SCOPUS
Quote ItemBrookings Papers on Economic Activity, Vol. 1995, No. 2 (1995), pp. 1-54
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