Estimates of In vestment Functions and Some Implications for Productivity Growth PATRIC
نویسندگان
چکیده
My original assignment was first to evaluate Larry Summers’ paper as a description of the current state of the art regarding investment behavior and second to determine the adequacy of the investment sector of Michael Evans’ econometric model (Evans, 1980) in light of Summers’ paper. The late arrival of Larry’s paper forced me to alter my strategy, and it is just as well. Summers’ investment function is a very long-run relationship that does not purport to explain cyclical movements in business investment outlays, while Evans’ relationship is a more traditional analysis of quarterly expenditures.’ Moreover, Summers is concerned with only corporate investment, while Evans deals with all of domestic fixed investment. My revised strategy was to employ two papers recently presented at Brookings Conferences (Hendershott, 1980, and Hendershott and Hu, 1981) as the standard with which to contrast Evans’ work. The first two sections of the present paper are concerned with nonresidential and residential fixed capital outlays, respectively. In each of these I first summarize my earlier work and then critique Evans’ treatment of the same investment component. A general discussion of the relationship between the form of investment and productivity growth is the subject of the third section, and a
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